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May 16, 2022


BITCOIN’S PLUNGE EXPOSES IDEA OF UNCORRELATED ASSET AS ‘BIG LIE’

by Bloomberg News
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(Bloomberg) — A selloff in cryptocurrencies resumed Monday, with Bitcoin
dropping back below $30,000 with global equity markets remaining under pressure.

The largest cryptocurrency fell as much as 6.2% and was trading at $29,835 as of
4:54 p.m. in New York. Other tokens including Ether and Avalanche were on the
back foot too. U.S. equities fell as investors assessed the latest signs of
economic malaise from the US and China.

Overall, however, digital-asset markets were still calmer compared with the
worst of last week’s turmoil over the collapse of the TerraUSD, UST, stablecoin.
Deus Finance’s DEI token lost its peg to the dollar on Monday, though it only
had a market value of about $63.5 million, compared with about $18 billion for
UST.

“I think it will continue to trade with the equity market and risk assets,” said
David Donabedian, chief investment officer of CIBC Private Wealth Management.
“That’s the big lie that’s been exposed, the idea that it’s some new asset class
that’s going to help diversify your portfolio has been blown to smithereens.”



Bitcoin dipped to a low of $25,425 on Thursday after the TerraUSD algorithmic
stablecoin unraveled, throwing the entire ecosystem that supports it into
disarray. At its height, the market panic engulfed the $76 billion stablecoin
Tether, a key cog in cryptoassets that briefly dipped from its dollar peg.

“We have witnessed the rapid decline of a major project, which sent ripples
across the industry, but also a new found resiliency in the market that did not
exist during the last market downswing,” Changpeng Zhao, chief executive officer
of crypto exchange Binance Holdings Ltd., tweeted on Sunday.

One difference between the current environment and other prolonged downturns
such as the “crypto winter” in 2018 is the amount of institutions now involved
in the market, which may be a source of support, said Paul Veradittakit, an
partner at digital asset manager Pantera Capital.

“Compared to 2018, there are more institutional investors with exposure to
crypto and most see this as a buying opportunity,” said Veradittakit.








EBBING RALLY

Monday’s price action saw Bitcoin give back some of a Sunday rally. The total
market value of cryptocurrencies has dropped by about $326 billion in the past
seven days to roughly $1.33 trillion, according to data from CoinGecko. Bitcoin
is some 57% off its November all-time high.

While crypto markets may have digested the worst of the TerraUSD fallout, the
asset class faces other challenges — most notably, rising global interest rates
and tighter liquidity conditions.

Bitcoin’s current lower support is at $27,000, “which can likely stabilize price
action in the coming days,” said Edul Patel, chief executive officer of Mudrex,
an algorithm-based crypto investment platform.

RIAS ALL OVER THE MAP ON CRYPTO AS OFFERINGS, RISK DISCLOSURES ABOUND

More firms are warming to offering crypto, but it still remains a wild west for
most independent advisors.

Feb 14, 2022

In "Most Read"

SHAKY STOCKS SEND S&P 500 TO THE BEAR MARKET BRINK AND BACK

More hair-raising volatility in the S&P 500 pushed the index within spitting
distance of a 20% drop, a decline that puts markets on covers of newspapers and
holds ominous meaning for the economy.

May 12, 2022

In "News"

WHAT STRATEGISTS ARE EYEING IN MARKETS AS TREASURY YIELDS SPIKE

Treasury yields are quickly moving higher as investor expectations grow that the
Federal Reserve will raise interest rates in March and follow up with further
moves throughout the year.

Jan 17, 2022

In "News"

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 * on May 17 2022, Ron says:
   
   Dutch tulip bulbs.
   
   > Reply to Ron
   


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