According to recent reports, trade volumes of crypto assets such as ETH, BTC, and Tether have surpassed those of the New York Stock Exchange. According to the ECB, the threat is growing as institutional investors continue to invest in these crypto markets.
Bloomberg reported that the European Central Bank views the cryptocurrency market as a financial stability concern. The ECB stated that the significant rise in crypto markets indicates that the industry is on the verge of becoming a risk to financial stability. The ECB stated that regulation in the crypto sector must be implemented.
However, Kristin Smith, Executive Director of the Blockchain Association, stated some time ago that most policymakers in the US Senate recognize that their constituents are constantly investing in these assets and building on “blockchains and are passionate about public policy in this field.”
Kristin said, “When talking about crypto gaining the attention of policymakers,”
“As an industry and an ecosystem we’ve caught the attention of the congress, and with the exception of a few outliers, most of them are if not already crypto champions. They are crypto curious and they want to learn about this. So I think it’s incumbent upon us and the crypto ecosystem to make sure that they continue to grow and learn and understand.”
Presearch Token is still performing well
Presearch has done admirably since the announcement of their planned mainnet release. However, things became even more fascinating last week when they revealed that the mainnet would be available this week. According to their social media outlets, the mainnet will be launched on Thursday, May 26th.
Presearch was trading at $0.05651(R0.89) on May 12th, when the crypto market was in a bearish trend. However, the coin appeared to recover significantly two weeks later, reaching a peak of $0.174(R2.74) on May 23rd. While the coin is currently trading at $0.1395(R2.20), this is a 22 % increase from its lows seven days ago.
Since the Presearch mainnet launch is coming up, investors should expect this token’s price to rise further. It might perform admirably, setting a new one-year high. While its long-term resistance should be its all-time high of $0.76(R11.99), the continued use of this search engine will drive prices up.
The organization’s long-term plan is one of the variables that could drive PRE prices further higher. Collin Pape, the CTO of the presearch network, stated in an interview with BTCmanager a few months ago,
“Over time, there’s potential to enable people to monetize their own data if they chose to provide it… And there is potential in the future that if you wanted to share different information about yourself demographically that you could gain more rewards. Of course, you would stay in control of that information… The Presearch token is what we incentivize all the participants with, it’s what we do nominate any of the offerings in.”
These long-term goals will turn the Preseach search engine into a fantastic network.
$12 billion(R188B) withdrawn from ETFs
Bloomberg reported earlier today that “approximately $12 billion (R188B) has been removed from sector ETFs in May, putting the category on course for its worst monthly drop on record.”
According to Bloomberg, around $11.9 billion(186B) was taken from ETFs in May, making this market the one with the highest monthly outflow. Bloomberg reports that this is the first time ETFs have had net outflows since September 2020.
Stocks finish the day at all-time lows; technology stocks suffer
Today’s stock market closed at a low, with tech stocks appearing to be the most affected. According to Bloomberg, these drops in tech markets occur after Snap issued earnings warnings.
Goldman Sachs’ CIO of public markets equity, Katie Koch, remarked that private markets discounting bad news on technology is “still a couple of quarters away.” Many analysts have confirmed that the negative news is what has caused many tech stocks to plummet. According to Bloomberg, bonds appeared to rise as the sessions closed.
