• Contact
  • Privacy Policy
  • Advertise With Us
  • Login
  • Register
Your Trading Edge Magazine
Advertisement
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
Your Trading Edge Magazine
No Result
View All Result

Bitcoin Extends Drop Amid Global Selloff as Stocks Stumble

September 21, 2021
in Finance
Reading Time: 2 mins read
A A
0
Bitcoin Extends Drop Amid Global Selloff as Stocks Stumble
0
SHARES
8
VIEWS
ShareShareShareShareShare

(Bloomberg) — Cryptocurrency prices extended a slump Tuesday after a broad selloff sparked by worries about contagion from China Evergrande Group swept through global markets.

Most Read from Bloomberg

Bitcoin slid as much as 7.6% to $40,237 in early Asian trading, dropping to the lowest level since the beginning of August, before paring some of the decline. Ether retreated below $3,000. Cardano fell about 10% over the last 24 hours, according to CoinGecko.com.

The losses mirrored the concerns in the broader market as investors weighed the risks coming from Evergrande debt crisis and this week’s Federal Reserve meeting. The S&P 500 fell 1.7% in its worst session since May overnight, and the stock selloff continued in Asia on Tuesday.

“Some have attributed the sudden dip to the currently ongoing Evergrande situation in China which has already caused turmoil in traditional markets,” wrote Jonas Luethy, a sales trader at GlobalBlock, the U.K.-based digital asset broker. “Analysts have suggested a choppy week is ahead, with a potential pullback to as low as $41,000.”

Although Bitcoin doesn’t always trade in tandem with financial markets — a characteristic that made it a tempting proposition from a portfolio-diversification point of view — its correlation on a 30-day basis to futures on the Nasdaq 100 has been consistently positive since February last year. As Bitcoin becomes more integrated in global financial markets, it may respond more to the changes in risk appetite that drive global sentiment.

Meanwhile, El Salvador’s President Nayib Bukele said the country had “bought the dip,” in Bitcoin, adding 150 tokens to raise its total holdings to 700 — about $32 million based on current pricing. The nation recently adopted Bitcoin as legal tender in a controversial move that met with technical glitches and protests.

“This is part of a well-established pattern where it sells off as traders cash in their riskier assets to cover margin calls and/or sit on the sidelines until markets calm down and they feel more comfortable going back into riskier positions,” said Leah Wald, chief executive officer at Valkyrie Investments.

(Updates prices in the second paragraph.)

More stories like this are available on bloomberg.com

Most Read from Bloomberg Businessweek

Subscribe now to stay ahead with the most trusted business news source.

©2021 Bloomberg L.P.

Credit: Source link

ShareTweetSendPinShare
Previous Post

Steve Hanke Says BTC’s Fundamental Value is Zero, But Is It?

Next Post

Rising R&D in Photovoltaics to Propel Thin Film Materials Demand

Related Posts

Shopify Stock Is up Over 40% This Year. How Much Higher Can It Go?
Finance

Shopify Stock Is up Over 40% This Year. How Much Higher Can It Go?

January 28, 2023
4
Mark Zuckerberg reportedly said he doesn’t like seeing ‘managers managing managers,’ fueling speculation of more layoffs
Finance

Mark Zuckerberg reportedly said he doesn’t like seeing ‘managers managing managers,’ fueling speculation of more layoffs

January 28, 2023
4
Helbiz Provides Transparency on Filed Proxy Statement
Finance

Helbiz Provides Transparency on Filed Proxy Statement

January 28, 2023
2
Recession fears pose challenge to energy shares after stellar year
Finance

Recession fears pose challenge to energy shares after stellar year

January 28, 2023
4
White House blasts Big Oil stock buybacks again as Chevron profits double
Finance

White House blasts Big Oil stock buybacks again as Chevron profits double

January 28, 2023
4
Next Post
Rising R&D in Photovoltaics to Propel Thin Film Materials Demand

Rising R&D in Photovoltaics to Propel Thin Film Materials Demand

Recommended

Chipotle to hire 15,000 workers ahead of ‘burrito season’

Chipotle to hire 15,000 workers ahead of ‘burrito season’

January 27, 2023
4
Municipality Finance issues EUR 1.5 billion benchmark under its MTN programme

Municipality Finance issues EUR 1.5 billion benchmark under its MTN programme

January 17, 2023
13
PayPal stock could gain 30% this year: Truist

PayPal stock could gain 30% this year: Truist

January 4, 2023
7
Will it include Ethereum and Binance? Report

Will it include Ethereum and Binance? Report

December 30, 2022
7
St. Louis economists ask if the Great Moderation is over

St. Louis economists ask if the Great Moderation is over

January 17, 2023
3
Your Trading Edge Magazine

This is an online news portal that aims to share the latest news about trade, finance, crypto and much more. Feel free to get in touch with us!

What’s New Here!

  • FBI Announces Takedown of Hive Ransomware Network
  • NFT Collection Gangster All Star Evolution Price, Stats, and Revi…
  • Shopify Stock Is up Over 40% This Year. How Much Higher Can It Go?

Subscribe Now

Loading
  • Contact
  • Privacy Policy
  • Advertise With Us

© 2021 - ytemagazine.com - All rights reserved!

No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe

© 2021 - ytemagazine.com - All rights reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?