Bitcoin Is Posting Biggest Weekly Decline Since November
Bitcoin’s having its worst week this year, and the rest of the cryptocurrency market isn’t doing much better. The world’s largest digital asset fell about 15% this week to around $10,145, the biggest five-day slide since November. The Bloomberg Galaxy Crypto Index has slumped about 12%, only the worst drop in four weeks. “People thought at certain points in the last year or so that cryptocurrencies would become the flight to safety trade,” said Matt Maley, an equity strategist at Miller Tabak + Co. “The cryptocurrency is losing some of that luster of being considered a safe asset.
(Bloomberg) -- Many crypto investors are still struggling to explain the sudden plunge in digital assets this week. A look at technical indicators doesn’t paint a pretty picture going forward.
While Bitcoin is holding above the $8,000 level, a breach below would test its 200-day moving average support, which sits around $7,000. In addition, the GTI Global Strength Indicator -- a measure of upward and downward movements of successive closing prices -- shows the coin hasn’t dipped yet into oversold territory, which could portend further declines.
For weeks, all was calm in the crypto universe as traders awaited new regulatory developments. But cryptocurrencies sold off on Tuesday, with Bitcoin dropping below $9,000 for the first time in three months. On an intraday basis, Bitcoin’s 17% drop was its largest since January 2018. It extended its decline for a fourth day on Wednesday to trade at $8,332 as of 12:35 p.m. in New York, bringing its slump to 18% in that period.
Bitcoin’s Surge Means Smaller Rivals May Be Due for Rallies
In the crypto world, Bitcoin continues to reign supreme. The largest digital asset is outperforming the next three biggest alternatives this year. It’s managed to hold above the key $10,000 level in the face of increasing headwinds. In times of recent market turbulence, it’s even taken on somewhat of a safe-haven accreditation. But technical indicators show the price action between Bitcoin and alternative tokens is nearing its highest correlation this year, indicating that a so-called alt season may be on the horizon.
Most other peer coins, which were also hit on Tuesday, staged a comeback from the. Ether gained as much as 6% while XRP rose about 4%.
As often happens in the cryptosphere, investors posed a variety of explanations for the plunge. To Ed Moya, senior market analyst at Oanda, it could be attributed to the tepidfor Bitcoin futures contracts that settle in the digital currency. “The whole cryptocurrency market tumbled as the new federally regulated market for trading cryptos saw a very lackluster debut,” Moya wrote in a note.
A break below $9,000 may have caused investors to “bail out,” said Shawn Cruz, manager of trader strategy at TD Ameritrade. Alternatively, investors may have been moving into safer assets. “You had a massive rally in bonds yesterday at the same time. That could be behind that as well,” he said by phone.
CME to start offering options on bitcoin futures early next year
CME to start offering options on bitcoin futures early next yearCME launched bitcoin futures in December 2017 and has signed up 3,300 individual accounts and had 20 successful expiration settlements since then, the company said.
Here are some additional views:
Matt Maley, equity strategist at Miller Tabak + Co.: “The $9,100-$9,300 range was a key support for Bitcoin as it bounced off that level four times over the summer. Therefore, that range had become a very important support level. When it was broken, we probably saw some sell-stops elected and the whole thing began to snowball lower.”
Mati Greenspan, senior market analyst at trading platform eToro: “There do seem to be several narratives surrounding this breakdown,” he wrote in a note. “Even though crypto is often touted as an uncorrelated asset class, there’s no denying the strong coincidence that the U.S. stock market took a hit just a short time before Bitcoin did.” He added, “In my mind, the main catalyst for last night’s crypto crash was due to the underwhelming Bakkt launch. People have been buying the rumor with high hopes for months and many have now sold the disappointing news.”
--With assistance from Kenneth Sexton (Global Data).
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Warning: fear of allergic reactions - dm recalls beauty product
Warning of allergic reactions: The drugstore dm recalls the product "THE healthy PLUS beauty collagen" because of possible allergic reactions.
Affected goods with the best before date June 2020 and the L no .: L39 / 1148, as the company announced on Friday in Karlsruhe.
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Customers should return the product
Both are reported to be on the bottom of the packaging. "It can not be ruled out that it may temporarily lead to mild allergy-like reactions, such as feeling hot or reddening of the skin after consumption," explained dm.
According to the information on the packaging, the ampoules containing vitamins and zinc should contribute to a normal formation of the skin component collagen. Customers were asked to return the product. The purchase price will be refunded accordingly.
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Bitcoin treads water around $8,000 after its worst week of the year .
The price of bitcoin struggled to remain above the $8,000 level Sunday, following its worst weekly price loss of the year. Bitcoin (BTCUSD) was above $10,000 as recently as last Sunday, but has since fallen about 20%. As of Sunday night, bitcoin was around $8,020, according to CoinDesk.The leading cryptocurrency has fallen about 34% over the past three months. In June, bitcoin topped the $10,000 mark for the first time since early 2018.“Bitcoin’s recent price drop is a result of technical and fundamental factors,” Bitbull Capital CEO Joe DiPasquale wrote last week, according to Barron’s.