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CRYPTO SELL-OFF DEEPENS AS WEAK ECONOMIC DATA DAMPENS RISK-TAKING

By Reuters
August 5, 20244:00 PM GMT+2Updated 5 days ago
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Bitcoin logo, representation of cryptocurrencies and decreasing stock graph are
seen in this illustration taken, July 7, 2022. REUTERS/Dado
Ruvic/Illustrations/File Photo Purchase Licensing Rights, opens new tab
Aug 5 (Reuters) - U.S.-listed shares of crypto-linked companies slumped as
bitcoin fell more than 15% on Monday, after weak economic data last week
triggered fears of a recession and set off a frenzied selling of risky assets.
The plunge marks a stunning reversal for the sector that until recently was
riding a wave of optimism sparked by the approval of exchange-traded funds
(ETFs) tied to the spot prices of bitcoin and ether , the two biggest
cryptocurrencies.
Advertisement · Scroll to continue

Republican presidential candidate Donald Trump's pro-crypto speech at a bitcoin
conference last month also bolstered sentiment, but data showing higher
unemployment and weak manufacturing activity squeezed risky assets.
"We are not surprised by Bitcoin's snap reaction as the only weekend traded
market. We don't see any incremental negatives for crypto here," Bernstein
analyst Gautam Chhugani wrote in a note.
Advertisement · Scroll to continue

"The bitcoin and crypto market will likely trade off macro and election cues for
most of (the third quarter)."
Crypto miners CleanSpark (CLSK.O), opens new tab, Bitfarms , Riot Platforms
(RIOT.O), opens new tab and Marathon Digital (MARA.O), opens new tab slumped
between 12% and 25% in early trade.
Coinbase (COIN.O), opens new tab shares lost 18%, while bitcoin buyer
MicroStrategy (MSTR.O), opens new tab slipped nearly 23%.
Bitcoin tumbled to its lowest in nearly six months while ether plunged 19%,
trading at levels not seen since January.


Reuters Graphics
BITCOIN OVER ETFs
The increasing correlation with equities has undermined bitcoin's reputation as
a safe-haven asset, but some analysts said investing directly was still better
than getting exposure to the currency via proxies like ETFs and crypto-related
stocks.
"If this weekend serves as a reminder of anything, it is the importance of
investing in digital assets directly on native crypto exchanges," said Joshua
Peck, founder of crypto hedge fund TrueCode Capital.

"While others were stuck waiting for the futures market to open on Sunday
night... we were calmly executing our strategy without interruption," he added.
Still, others advocated caution.
"It's a big reminder that bitcoin and crypto in general are risk assets and sit
at the pointy end of the risk spectrum," said Tony Sycamore, market analyst at
IG.

The Technology Roundup newsletter brings the latest news and trends straight to
your inbox. Sign up here.

Reporting by Ankur Banerjee in Singapore, Surbhi Misra, Niket Nishant and Medha
Singh in Bengaluru, Amanda Cooper in London and Ira Iosebashvili in New York;
Editing by Will Dunham, Shri Navaratnam, Emelia Sithole-Matarise and Sriraj
Kalluvila

Our Standards: The Thomson Reuters Trust Principles., opens new tab

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