Crypto crumbles when interest rates rise

While technology shares have another bad day, since the Nasdaq Composite Index has currently fallen by 3 percent, it is a double strike if you have also invested in cryptocurrencies (and bad news for all these crypto strikers in Bali when you wake up). .

Bitcoin fell by up to 5 percent to around $ 32,630 on Monday and is now 50 percent below his high in November last year. The top 500 of the digital assets also broke down by 50 percent during this time. Since then, cryptocurrencies have lost $ 1.6 trillion in market value, reports Scott Chipolina, with interest rate increases causing investors to flee from the most risky angles of the global financial markets.

"This is a risk for all investment classes, including crypto," said Daniel Ives, Stratege at Wedbush Securities, who added that there was "nowhere to hide".

Bitcoin has been traded at the lowest level since July 2021, but the losses on the wider cryptom market are even greater. An FT Wiltshire measuring device that follows the five most important coins without Bitcoin has fallen by almost 70 percent of its latest maximum. Once rapidly growing coins such as Solana, which were invoiced as an alternative to the Ethereum network, quickly lost value.

listed shares of crypto -exposed companies have also broken in. Microstrategy, which is led by crypto supporter Michael Saylor, has so far fallen by 55 percent this year. Coinbase fell by 65 percent in 2022 and fell below $ 100 last April on Monday since the stock exchange in New York.

The sweater also underlines how closely the performance of Bitcoin and other cryptocurrencies is associated with the US stock market. The correlation between Bitcoin and the Nasdaq Composite, a measure that is aimed at America's large technology companies, has reached record heights according to data provider Kaiko.

"Some investors play crypto like protection against inflation, but like the Siamese twin of Nasdaq," said Ives.

The Internet of (five) things

1. Crypto mixing of the USA
crypto is also put under pressure by the authorities because of its use for money laundering. The US Ministry of Finance has announced measures against Blender.io on Friday for supporting a hacker group sponsored by North Korea when washing $ 20.5 million of "illegal proceeds" from one of the greatest crypto robberies of all time.

2. Semiconductor manufacturers still look good from
tech shares, but the chip manufacturers continue to achieve strong results, says Lex. Germany's infineon was fully trendy on Monday, reported a (modest) increase in profit in the second quarter and increased the sales forecast for the entire year from € 13 billion to € 14 billion. The specialization of Infineon in the auto industry- more than two fifths of sales- means that the company benefits from healthy trading in electrical and assisted vehicles.

3. NSO Walls over legality
The Israeli Spyware company NSO Group, according to advisors who act on behalf of the owners of the controversial company, has blocked whether it legally operates. The Berkeley Research Group has informed the EU legislators that their inquiries about the "legality" of NSO "were ignored and/or thwarted by the management team of the NSO Group".

4. Mukesh Ambani strengthens e-commerce offers
The investments of the Indian Tycons Mukesh Ambani’s Reliance Industries achieved a three-year high in the first quarter. Two with a total value of around $ 330 million should strengthen the e-commerce platform from Reliance Retail, with investments in the delivery startup Dunzo and the robotics company AddBBBB that should help reliance with the automation of its warehouse.

5. Tech comment: Snapchate Lenses, Amazon streaming on on
Elaine Moore asks Elon Musk to learn from the changing skills of Snapchat. The app now has 100 million more users than Twitter and its customer base grows faster than that of Facebook. Chloé Cornish writes about the streaming fights about India's film-loving, price-conscious consumers. At a glamorous company event, global media companies seem to be unimpressed by Netflix's recent humiliation.

Tech Week ahead

Tuesday: The networked fitness company Peloton reports on his first quarter, in the middle of reports that it intends to sell 20 percent participation in the company. Announce quarter results in Japan, Sony and nintendo . Elon Musk deals with the FT Future of the Car Summit in London. Register by clicking here.

Wednesday: Walt Disney an increase in income in the second quarter is expected to be seen from more registrations for his streaming service Disney+. rivian The electric carpenter and SUV manufacturer supported by Amazon should also report after the ADP. Airbnb announces its product update 2022, which could contain improvements that were proposed by the iPhone designer Sir Jony IVE.

Thursday: Japanese technology group Softbank reports profits, as well as the Taiwanese contract manufacturer foxconn . The results will provide information about the extent of the problems in the technical supply chain and whether covid-lockdowns in China will continue to undermine the situation and make manufacturers of consumer electronics worldwide. In the USA manufacturer of memory chips micron is organizing its investor day.

Friday: An update to the take-private plans is expected from toshiba if it reports quarterly results.

Tech tools-Briiv air filter

The £ 299 Briiv air filter is a terrarium with an additional PEP, writes Jamie Waters . A transparent glass filled with a miniature forest made of lush lichen, the fan of which exhales clean air from reindeer moss, coconut shell fibers and activated carbon inside. Tests show that it effectively improves the air quality in a 36 m² room in just one hour and has the same air purifying effect as 3,043 houseplants.