(Bloomberg) — Bitcoin and Ether pared losses, after falling earlier on Sunday amid a broader retreat by the cryptocurrency complex in the wake of data showing US inflation hitting a fresh 40-year high.
Most Read from Bloomberg
China Alarms US With Private Warnings to Avoid Taiwan Strait
Global Rout Deepens as Outsized Rate Hike in Play: Markets Wrap
Bitcoin Tumbles to 18-Month Low as US Inflation Impact Spreads
China Is Walking Back Virus Loosening Weeks After Reopening
‘Party Like a Russian’ Turns Toxic at Putin’s Flagship Forum
Ether declined as much as 6.4% to $1,424.40, its lowest level since March 2021, while Bitcoin dropped to as low as $26,876.51, its lowest since May 12. Virtually all top tokens tracked by Bloomberg were down Sunday, with the likes of Dogecoin and Avalanche falling as much as 9.4% and 13% respectively. But they then showed some signs of life, rallying off their lows as of 11:45 a.m. Sunday in New York — and Ether even briefly made its way back to positive territory for the day.
US inflation data Friday topped expectations, dashing any hopes that rising prices may have peaked. Stocks sank while two-year Treasury yields climbed to the highest since 2008. Bitcoin and other cryptocurrencies have suffered in recent months as the Federal Reserve hikes rates and global policy makers step up efforts to combat price increases, and as risk assets like tech stocks retreat.
The inflation data is helping fuel the downward action and “very likely we see this bearishness continue on to the next week especially with the FOMC meeting coming up,” said Vijay Ayyar, vice president of corporate development and international at crypto platform Luno.
“If one looks at previous bear markets, Bitcoin has declined around 80%-plus normally, with altcoins typically doing 90%-plus,” said Ayyar. “If that remains the case, we could see much lower Bitcoin prices over the next month or two.”
Some analysts have said that if Bitcoin got below the high-$20,000s level, it might gap down quickly, with levels like the 200-week moving average near $22,000 and even the 2017 high at $19,511.
Total long crypto liquidations were above $100 million for a third straight day on Sunday, after $258 million on Friday and $290 million on Saturday, according to data from Coinglass. And the MVIS CryptoCompare Digital Assets 100 index, a market cap-weighted measure tracking the performance of the 100 largest tokens, fell to the lowest level since January 2021.
Most Read from Bloomberg Businessweek
A Billion-Dollar Crypto Gaming Startup Promised Riches and Delivered Disaster
A Parisian General Store’s Radical Message for Its Customers? Buy Less
The IRS Is Coming for Your Venmo Income
Wall Street Executives Can’t Stop Talking About a Recession
Soaring Oil Prices Force Biden to Engage With Saudis He’d Spurned
©2022 Bloomberg L.P.
Gold prices climb on Thursday, looking to snap a seven-day losing streak — the longest string of losses for the yellow metal in more than three years.
U.S. stock benchmarks rose as the number of Americans applying for jobless benefits inched higher and investors bet on a larger interest-rate increase from the Federal Reserve this month.
The tech-heavy Nasdaq Composite Index is leading the three major U.S. stock indexes higher on Thursday.
Gold investors face a “challenging” market environment in second half of the year after an essentially flat performance for the precious metal in first six months of 2022, the World Gold Council said in its mid-year outlook report released Thursday.
Oil futures climb sharply on Thursday after a two-day rout that sent the U.S. benchmark below $100 a barrel and into a bear market.
(Bloomberg) — Oil rose after a two-day decline as signs of tight physical markets outweighed concerns over a potential global slowdown.Most Read from BloombergTycoon Whose Bet Broke the Nickel Market Walks Away a BillionaireBoris Johnson Odds: Who Are the Front-Runners to Replace PM?Musk Fathered Children With Neuralink Employee, Report SaysUS, Allies Discuss Capping Russian Oil at $40-$60 a Barrel to Cut War FinancingNatural Gas Soars 700%, Becoming Driving Force in the New Cold WarWest Texas
(Bloomberg) — Michael Nowak was once the most powerful person in the gold market.Most Read from BloombergTycoon Whose Bet Broke the Nickel Market Walks Away a BillionaireBoris Johnson Odds: Who Are the Front-Runners to Replace PM?Musk Fathered Children With Neuralink Employee, Report SaysUS, Allies Discuss Capping Russian Oil at $40-$60 a Barrel to Cut War FinancingNatural Gas Soars 700%, Becoming Driving Force in the New Cold WarThe former JPMorgan Chase & Co. managing director ran the bank’s
The Dow Jones fell despite Apple stock rising. Tesla stock rose despite disappointing delivery data. A Warren Buffett stock fell.
Gold rose on Thursday as a pause in the dollar's rally encouraged some investors to snap up bargains after two sessions of heavy losses that sent prices to a nine-month low. Spot gold was up 0.5% at $1,747.7 per ounce by 10:14 a.m. ET (1414 GMT). "Any strength we might see in gold in the short term must be treated with extra care as the selling could easily resume amid an environment of strong US dollar and rising interest rates," said Fawad Razaqzada, market analyst at City Index.
Concerns about a recession and a drop in energy demand led to a drop in U.S. benchmark West Texas Intermediate crude-oil prices below the $100 -a-barrel mark on Tuesday for the first time in months. That's contributed to talk of a potential "buying opportunity" for traders, even as some analysts expect further price declines.
Technical indicators in recent trade for both gold and silver are now "fully bearish," says Kitco.com's Jim Wyckoff.
(Bloomberg) — Worries over surging global food costs are easing as prices of everything from cooking oils to wheat and corn tumble to the lowest levels in months on increasing physical supplies and as investors reduce their bullish bets on futures markets.Most Read from BloombergNatural Gas Soars 700%, Becoming Driving Force in the New Cold WarCiti Says Oil May Collapse to $65 by the Year-End on RecessionOil Plummets Below $100 as Recession Risks Come to ForefrontUS Wants Dutch Supplier to Stop
Stock futures nudge higher after Fed minutes; Samsung posts strongest quarterly profit in four years; Seagen shares jump on report of $40 billion takeover by Merck; GameStop share surge after 4-for-1 stock split plans and Boris Johnson to resign, but seek to stay on as prime minister until autumn.
Britain braces for first national rail strike in 25 years Tesla loses electric car crown to Chinese rival backed by Warren Buffett FTSE 100 drops 2pc on recession worries Ben Wright: Germany’s economic foundations are collapsing Sign up here for our daily business briefing newsletter
The Indian central bank's moves to liberalise foreign exchange inflows are unlikely to offer much immediate support to the floundering rupee as inflation pushes higher and the current account deficit threatens to balloon towards multi-year highs. The Reserve Bank of India announced a slew of measures on Wednesday to bring in a fistful of dollars, including allowing overseas investors to buy short-term corporate debt and opening of more government securities under the fully accessible route. The steps came after the RBI's foreign exchange reserves fell by more than $40 billion over the past nine months, largely due to its intervention in the currency market to curb rupee losses.
Apple and other techs led a big rally off morning lows as oil prices and bond yields dived. Markets see Fed rate hikes ending this year.
Asian shares were mostly lower Wednesday after tepid trading on Wall Street amid worries about a global recession.
(Bloomberg) — Mitsubishi UFJ Financial Group is mulling a sale of its stake in Hong Kong’s Dah Sing Financial Holdings Ltd., according to a person familiar with the matter. Most Read from BloombergNatural Gas Soars 700%, Becoming Driving Force in the New Cold WarCiti Says Oil May Collapse to $65 by the Year-End on RecessionOil Plummets Below $100 as Recession Risks Come to ForefrontUS Wants Dutch Supplier to Stop Selling Chipmaking Gear to ChinaAmerican Factories Are Making Stuff Again as CEOs
(Bloomberg) — Hong Kong is likely to see more dual-traded companies shift toward primary listings in the financial hub as they seek inclusion in trading links with mainland China, according to the city’s exchange chief.Most Read from BloombergNatural Gas Soars 700%, Becoming Driving Force in the New Cold WarCiti Says Oil May Collapse to $65 by the Year-End on RecessionOil Plummets Below $100 as Recession Risks Come to ForefrontUS Wants Dutch Supplier to Stop Selling Chipmaking Gear to ChinaAmer
Hints of a rate hike pause, buried deep in yesterday's Fed minutes, could lift U.S. stocks to a fourth consecutive session of modest gains.
Author
Administraroot
Related Posts
