The Weekly Wrap: all you need to know by Friday COB | May 20th
By Gaia Lamperti
The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Premium subscribers only.
The Big Story
Bitcoin has seen seven consecutive weeks of losses for the first time caused by fears of inflation and poor macroeconomic sentiment, in a broader climate of stricter crypto regulations, waning retail interest and systemic risks in the sector.
Bitcoin neared the $47,000 level in mid-March in a run that lasted a couple of weeks after a fall to $37,000 from November’s lifetime highs of nearly $69,000. The asset has since slid every week and could fall to as low as $20,000 if current market conditions continue.
This is a record in the coin’s 13 years of history. However, compared with previous drawdowns, the forced liquidations of overleveraged bitcoin futures positions have been light, indicating a lower amount of leverage in the market.
The difficult question now is: Could crypto trigger a broader economic slowdown?
Deals of the week
- Xendit raises $300 million Series D funding round
- Thought Machine raises $160 million in a Series D funding
- Unit announces $100 million Series C, valuing the company at $1.2 billion
- in3 raises $85.3 million in a Series B funding round and announces a partnership with Mollie
- Token.io secures $40 million investment to scale open banking payments in Europe
- DTT Group secures $10 million Series-A funding
- Elucidate raised $8 million to help banks counter surging financial crime
Be on the lookout for
The Financial Conduct Authority (FCA) is to obtain new powers over the UK’s largest banks and building societies, to ensure that cash withdrawal and deposit facilities are available in communities across the country. The move is part of the UK Government’s pledge, announced in the Queen’s Speech earlier this month, to ensure the continued availability of withdrawal and deposit facilities across the country, so that the cash infrastructure is sustainable for the long term.
Events & Appointments
- IBS Intelligence is a research partner for the Lan Space The Summit, an exclusive gathering to discuss, enlighten and innovate on emerging technologies and financial innovation, in Davos, Switzerland 21st – 26th May. The Summit is engaging societal change-makers, digitally native game changers, and impact thought leaders
- Money 20/20 Europe is your chance to be part of FinTech’s beating heart! Attending the show, which happens June 7th – 9th at the Rai Amsterdam, doesn’t just guarantee exposure, connections and growth, it makes you an integral part of the frontiers of FinTech. Meet us there!
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