KasonT
2021-05-19
Wow
Crypto Tumble Wipes $600 Billion Off Digital Tokens in a Week
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Bitcoin, the largest cryptocurrency, slid some 11% Wednesday to break below $40,000 and is now about $25,000 off its record high set in April.</p>\n<p>Multiple factors are at play, ranging from criticism of the environmental impact of Bitcoin’s energy usage by onetime proponent Elon Musk, to the risk of a regulatory squeeze on what some have called the Wild West of investing. Digital tokens have also delivered gains so fat that some traders may have been taking profits.</p>\n<p>The $40,000 mark is a “critical make-or-break pivot level” for Bitcoin and a decline to just below $30,000 isn’t out of the question, Jeffrey Halley, senior market analyst at Oanda, wrote in a note.</p>\n<p>Here’s a snapshot of the crypto retreat:</p>\n<p><b>Market Value</b></p>\n<p><img src=\"https://static.tigerbbs.com/a49fce5743e9333e0d461e7f0aad637d\" tg-width=\"952\" tg-height=\"522\"></p>\n<p>Early in April, the value of cryptocurrencies breached $2 trillion for the first time, doubling in about two months on optimism institutional investors were increasingly interested. The current weakness has erased over $600 billion.</p>\n<p><b>Breaking $40,000</b></p>\n<p><img src=\"https://static.tigerbbs.com/4c667f867f5d3f835b4482176bfd5312\" tg-width=\"930\" tg-height=\"523\"></p>\n<p>Bitcoin tested its 200-day moving average, and its discount to the 120-day average is the biggest since last year, according to Mike McGlone, a commodity strategist at Bloomberg Intelligence in New York. He sees the Bitcoin price settling around the 2021 average of approximately $49,000.</p>\n<p><b>Futures</b></p>\n<p><img src=\"https://static.tigerbbs.com/37378d124d57d3cc139ca134fc782b6d\" tg-width=\"930\" tg-height=\"523\"></p>\n<p>In Bitcoin futures, technicians see a bearish head-and-shoulders pattern, which could point to more weakness ahead.</p>\n<p><b>Bitcoin Versus Gold</b></p>\n<p><img src=\"https://static.tigerbbs.com/1f426bc7dc3e4eea6d36aee4b7bf9aa7\" tg-width=\"930\" tg-height=\"523\"></p>\n<p>The ratio of Bitcoin’s price relative to gold has dropped to the lowest since early February. That’s come amid greater caution about speculative assets as well as the post-pandemic economic recovery. Bitcoin’s proponents argue it’s a modern-day store of value, a claim belied by the token’s volatility.</p>\n<p><b>Ether Trade</b></p>\n<p><img src=\"https://static.tigerbbs.com/e3be0dce1e4ad3d851c42ddf515d3838\" tg-width=\"930\" tg-height=\"523\"></p>\n<p>After Bitcoin pulled back from a mid-April high, an ongoing rally in Ether -- the second-largest cryptocurrency -- drew attention. But that has also stalled. Chris Weston, head of research at Pepperstone Group Ltd. in Melbourne, wrote in a note Monday that he was closing a short Bitcoin/long Ether trade as the “dust really needs to settle.”</p>\n<p><b>Largest Fund</b></p>\n<p><img src=\"https://static.tigerbbs.com/4f6356fdb46cbe22da222b5fc5066fd8\" tg-width=\"930\" tg-height=\"523\"></p>\n<p>The Grayscale Bitcoin Trust, the largest Bitcoin fund, is sitting on close to a record discount to net asset value. That gap could disappear if it converts as planned to an exchange-traded fund. However, risks for a wider discount include uncertainty over whether U.S. officials will ever allow Bitcoin ETFs.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Tumble Wipes $600 Billion Off Digital Tokens in a Week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Tumble Wipes $600 Billion Off Digital Tokens in a Week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-19 18:30 GMT+8 <a href=https://www.bloomberg.com/news/articles/2021-05-19/crypto-tumble-wipes-600-billion-off-digital-tokens-in-a-week?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Musk’s Bitcoin criticism, China crypto warning shake sector\nBitcoin now down almost 40% from its mid-April $64,870 record\n\nVirtual currencies are retreating so broadly and sharply, it’s testing the ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-05-19/crypto-tumble-wipes-600-billion-off-digital-tokens-in-a-week?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SQ":"Block","GBTC":"Grayscale Bitcoin Trust","COIN":"Coinbase Global, Inc.","PYPL":"PayPal","TSLA":"特斯拉"},"source_url":"https://www.bloomberg.com/news/articles/2021-05-19/crypto-tumble-wipes-600-billion-off-digital-tokens-in-a-week?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107558091","content_text":"Musk’s Bitcoin criticism, China crypto warning shake sector\nBitcoin now down almost 40% from its mid-April $64,870 record\n\nVirtual currencies are retreating so broadly and sharply, it’s testing the durability of the cryptocurrency boom.\nThe value of more than 7,000 tokens tracked by CoinGecko has shrunk more than $600 billion in the past week to $1.9 trillion. Bitcoin, the largest cryptocurrency, slid some 11% Wednesday to break below $40,000 and is now about $25,000 off its record high set in April.\nMultiple factors are at play, ranging from criticism of the environmental impact of Bitcoin’s energy usage by onetime proponent Elon Musk, to the risk of a regulatory squeeze on what some have called the Wild West of investing. Digital tokens have also delivered gains so fat that some traders may have been taking profits.\nThe $40,000 mark is a “critical make-or-break pivot level” for Bitcoin and a decline to just below $30,000 isn’t out of the question, Jeffrey Halley, senior market analyst at Oanda, wrote in a note.\nHere’s a snapshot of the crypto retreat:\nMarket Value\n\nEarly in April, the value of cryptocurrencies breached $2 trillion for the first time, doubling in about two months on optimism institutional investors were increasingly interested. The current weakness has erased over $600 billion.\nBreaking $40,000\n\nBitcoin tested its 200-day moving average, and its discount to the 120-day average is the biggest since last year, according to Mike McGlone, a commodity strategist at Bloomberg Intelligence in New York. He sees the Bitcoin price settling around the 2021 average of approximately $49,000.\nFutures\n\nIn Bitcoin futures, technicians see a bearish head-and-shoulders pattern, which could point to more weakness ahead.\nBitcoin Versus Gold\n\nThe ratio of Bitcoin’s price relative to gold has dropped to the lowest since early February. That’s come amid greater caution about speculative assets as well as the post-pandemic economic recovery. Bitcoin’s proponents argue it’s a modern-day store of value, a claim belied by the token’s volatility.\nEther Trade\n\nAfter Bitcoin pulled back from a mid-April high, an ongoing rally in Ether -- the second-largest cryptocurrency -- drew attention. But that has also stalled. Chris Weston, head of research at Pepperstone Group Ltd. in Melbourne, wrote in a note Monday that he was closing a short Bitcoin/long Ether trade as the “dust really needs to settle.”\nLargest Fund\n\nThe Grayscale Bitcoin Trust, the largest Bitcoin fund, is sitting on close to a record discount to net asset value. That gap could disappear if it converts as planned to an exchange-traded fund. However, risks for a wider discount include uncertainty over whether U.S. officials will ever allow Bitcoin ETFs.","news_type":1},"isVote":1,"tweetType":1,"viewCount":480,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/197197328"}
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