Week in review: May 13 2022 – Gucci to accept crypto payments!

Written by Robby Ramos
on May 16, 2022
Week in review: May 13 2022 - Gucci to accept crypto payments

In this week’s newsletter:

  • The Italian luxury brand plans to expand the payment mechanism across North America.
  • Crypto stresses start with the same macro backdrop pressuring risk assets.
  • Downward momentum in crypto assets broadens.

Read our weekly round up below.

Market Updates by Robert Lynch | Head of Research and Strategy

Market Update: Macro pressures ripple through the crypto infrastructure

Robert Lynch – ALT 5 Sigma | May 13, 2022
Dramatic declines in digital assets this week, including major and alt coins, as well as some (previously) stablecoins, have left mark on sentiment and the P&L of market participants. The fuller implications will only be felt over time but there are some takeaways that are likely to impact trading and price action over the near-term.

Read Robert’s reports here.

ALT 5 – Digital Assets Morning Call

Robert Lynch – ALT 5 Sigma | May 2-5, 2022
The Digital Assets Morning Call is a new segment by Robert Lynch, the Head of Research and Strategy at ALT 5 Sigma. This is a brief rundown of the latest developments impacting digital assets through a macro lens.

Read all this weeks articles here.

Crypto News From Around The World

Gucci to Accept Crypto in Some US Retail Stores: Report

CoinDesk | May 5, 2022
Are you long crypto but short shoes? Gucci is now accepting crypto at a handful of stores in the U.S., according to a report in Vogue Business.
Gucci has rolled out the crypto payment mechanism at its flagship stores in the U.S., including Rodeo Drive in Los Angeles, Wooster Street in New York and in Las Vegas, with plans to expand the service to its directly operated North America stores in the near future.

Accept crypto payments with ALT 5 Pay

Warren Buffett-Backed Nubank Launches Crypto Trading — Holds Bitcoin on Balance Sheet

Bitcoin.com May 12, 2022
Warren Buffett-backed Nubank, one of the world’s largest digital banking platforms, has launched cryptocurrency trading. Starting with bitcoin and ether, the bank explained that its 54 million customers can “buy, hold and sell cryptocurrency all from the same app, with no need to open new accounts or transfer money.”

Bitcoin Bounces Back Above $30,000 as Investors Absorb Fallout From Terra

CNBC | May 13, 2022
The price of bitcoin bounced back above $30,000 on Friday, after dropping to 2022 lows, as stocks climbed higher and investors digested the fallout of Terra’s UST stablecoin. Bitcoin last traded 7% higher at $30,648.95, according to Coin Metrics. On Thursday it fell as low as $25,401.29, its weakest point since December 2020. The benchmark cryptocurrency is on pace for its seventh down week in a row. Meanwhile, ether gained 10% and was trading at $2,122.69.

Mark Cuban Says Crypto Crash Is Same ‘Lull’ That the Internet Went Through

Nasdaq | May 13, 2022
There is no doubt that the crypto market’s growth rate is expanding—it rose from $1 trillion to $2 trillion this past year after taking 12Crypto investors attempting to make sense of the devastation may have been surprised to hear Mark Cuban refer to it as a “lull” on Twitter. They may feel that these dramatic drops are a lot more than a lull. Nonetheless, the billionaire crypto enthusiast has regularly compared the crypto market to the early days of the internet. His Monday tweet said, “Crypto is going through the lull that the internet went through.”

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Robby Ramos

Robby Ramos

Director of Digital Marketing | Bridging the gap between digital assets and financial institutions.