The Magazine for Asian Investors
This morning (May 28), the Bitcoin price fell 2.16% to $28,639.09 in Asia.
Bitcoin’s negative performance this morning came after the Dow Jones Index closed up 575 points on Friday (May 27). The U.S. Personal Consumption Expenditures (PCE) price index rose 6.3% in April from a year earlier, and the core PCE index rose 4.9% from a year earlier.
- The Dow Jones Industrial Average rose 575.77 points, or nearly 1.8%, to close at 33,212.96.
- The S&P 500 was up about 2.5% to close at 4,158.24 points.
- The Nasdaq rose 3.3% to close at 12,131.13 points.
Movements in the Crypto Space
U.S. Senator Cotton has released a bill to prevent the U.S. app store, as well as Apple and Google, from offering apps that enable payments using Chinese cryptocurrencies. He fears that the payment system could be a way for the Chinese government to spy on Americans.
The bill states that the company that owns or controls the app store may not host or support an app that promotes or facilitates digital yuan transactions.
Senator Cotton’s team stated that the digital yuan could allow the Chinese government to monitor all transactions on the network in real time, raising privacy and security concerns for Americans transacting on the network.
But shortly after the U.S. Senator released the bill, the Chinese Embassy in Washington commented on it. It commented that the bill is an example of how the United States continues to bully foreign companies by abusing state power and invoking national security.
The Spot Market is Open
Saturday, May 28, 2022