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Germanys DAX index rose by about 0.7%, hitting a record high. A German government spokesman said earlier that German Chancellor Merz and Trump agreed on the need to quickly resolve the trade dispute during a phone call.Germanys DAX30 index opened up 131.20 points, or 0.56%, at 23480.50 points on May 9 (Friday); Britains FTSE 100 index opened up 39.42 points, or 0.46%, at 8571.03 points on May 9 (Friday); Frances CAC40 index opened up 38.04 points, or 0.49%, at 7732.48 points on May 9 (Friday); Europes STOXX 50 index opened up 14.01 points, or 0.26%, at 5302.95 points on May 9 (Friday); Spains IBEX35 index opened up 26.36 points, or 0.20%, at 13504.06 points on May 9 (Friday); Italys FTSE MIB index opened up 242.70 points, or 0.62%, at 39217.00 points on May 9 (Friday).Bank of America: U.S. stocks saw $9.3 billion in outflows in the week ending Wednesday, and the four-week cumulative outflow was the largest since May 2023.Switzerlands consumer confidence index in April was -43, expected to be -33, and the previous value was -34.8.May 9th, the U.S.-UK trade deal initially prompted optimism that deals with other countries might follow. However, analysts say the initial positive impact on the market is fading because the agreement is limited in scope and 10% tariffs remain in place in most cases. "The agreement (or rather its lack of an agreement) is not very significant and does not necessarily give the impression that more substantial results are expected in negotiations with other countries," said Volkmar Baur, an analyst at Commerzbank, in a report.

Cryptoverse: What crisis? Venture capitalists bet big on crypto

Skylar Shaw

Jul 27, 2022 14:20

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Venture capitalists are investing in blockchain and digital currency firms at a rate that is expected to surpass last year's record, despite the fact that the crypto industry is shivering in the cold winter.


According to information from PitchBook, VCs invested $17.5 billion in these companies in the first half of the year. As a result, investment is on track to surpass the record $26.9 billion raised last year, which will make things better and happier for bitcoin and company.


The founder of Hong Kong investment firm Lemniscap, which specializes in cryptocurrencies and blockchain, Roderik van der Graf, stated, "I don't think investors are alarmed by the current market conditions." The amount of capital accessible is vast.


VC funds provide finance to start-up businesses they consider to have promising growth prospects. Despite a trying six months for the sector, the data indicates a strong belief in the future of cryptocurrency and blockchain technology.


Bitcoin has fallen by around 65 percent from its record high of $69,000 set in November as a result of macroeconomic headwinds and major project failures this year, and the total market value of cryptocurrencies has fallen by almost two-thirds to $1 trillion.


As prices drop, businesses have trembled. Major U.S. exchange Coinbase Global and NFT platform OpenSea are just two of many that have had to lay off hundreds of employees.


Although many VCs have deployed sizable war chests because to their continued confidence in the core technology of crypto coins, some are choosing to ignore the doom.


However, not many investors are that optimistic in the face of the cryptocurrency devastation.


The CEO of California-based crypto management company Wave Financial, David Siemer, claimed that there were indications of a correction from the exorbitant values of crypto enterprises in 2017.


We're a few months into this cycle; things will only get worse. The suffering endured by individuals seeking money during the last cycle lasted roughly a year.

United States hotspot

With $11.4 billion in the six months leading up to June, compared to $15.6 billion for the entire year prior, North America, which has long been the hotspot for VC deals, was once again the center of attention.


The figures stand in contrast to overall venture capital activity in the US, where deals decreased to $144.2 billion in the first half from $158.2 billion in the same period last year as market instability and macroeconomic factors restrain investment.


The statistics, according to Rumi Morales, director of investments at Digital Currency Group, a significant U.S. cryptocurrency investor, showed growing confidence in the cryptocurrency and blockchain industries.


"There used to be an existential risk associated with working in space — that the entire field would vanish and turn out to be a pipe dream. That is no longer the case.


Even while the revolutionary changes that the technology was supposed to bring about in sectors like finance and commodities have yet to materialize, the usage of cryptocurrency as an investment tool mushroomed last year, and blockchain technology has also gained popularity.


The $400 million raised by the American division of cryptocurrency exchange FTX in January, the $450 million financing round by blockchain firm ConsenSys in March, and the $400 million raised by stablecoin issuer Circle a month later are just a few of the major U.S. crypto deals in 2022.


With VC investments totaling $2.2 billion in the first half of the year, activity is also brisk throughout Europe.


Fedi, a Lisbon-based program that makes it easier to accept, store, and use bitcoin, said this month that it had secured $4.2 million in seed funding.


One of its founders, Obi Nwosu, told Reuters that "within seven days we had all of the funding pledges." And in less than a month and a half, we had reached our initial fundraising goal. Done.”