Crypto ETF’s – Australia’s first cryptocurrency exchange traded funds began trading on the Cboe exchange on Thursday, but all fizzled due to regulation-wary brokers and a global sell off in bitcoin and ether. The three ETF’s all experienced trading volumes below $1 million.
Crypto Crash – Crypto markets around the world have been stress tested, accelerated by the near collapse of Terra stablecoin. Bitcoin has fallen to below $30,000USD, lows not seen in 12 months whilst Terra has lost over $26billion in value. After reaching highs of $120USD, Terra has had a spectacular fall, clocking in a low of $0.0024 this morning.
US Falls – Major US indexes have continued to fall this week, the NASDAQ has lost another 4.7%, the DOW lost 2.5% and the S&P followed suit, falling a further 5.2% from its high in Monday.
Aussie Plummets – China’s lockdowns have accelerated the global equities sell off, causing commodity prices to plunge, and the Australian dollar to sink to $68.50 USD, its lowest level in over two years
Xero – Xero share price tumbled on Thursday morning after a negative reaction to the companies full year results. The stock price fell 10%, to a 52 week low after earnings reports fell short of expectations. The fall further the already significant weakness in the Tech sector.
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