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World News

Bitcoin (BTC) tops $20,000 in ‘bearish rally’ as U.S. greenback falls

Institutional investors are becoming increasingly excited about The Merge, says President of Anchorage Digital

Bitcoin prices came under pressure in 2022 following the collapse of algorithmic stablecoin terraUSD and subsequent bankruptcy filings by lender Celsius and hedge fund Three Arrows Capital.

Nicolas Economous | Nurphoto | Getty Images

Bitcoin skyrocketed on Friday, breaking through $20,000 again as the US dollar weakened and stocks soared.

The world’s largest cryptocurrency was last trading 8.7% higher at $20,974.00 after falling to its lowest level since mid-June earlier in the week. Bitcoin briefly jumped above $21,000 earlier in the day.

Other digital coins were higher, including ether, which gained about 4%. The total market value of the cryptocurrency jumped back to over $1 trillion.

The recent uptrend for bitcoin was prompted by a slight weakening of the US dollar, which has staged a stunning rally this year. The US dollar index, which measures the greenback against a basket of other currencies, was down about 1% on Friday morning.

US stock indexes closed higher on Thursday and futures were higher on Friday. Bitcoin is closely correlated with US markets, which often rise when stock indices do. Bitcoin also tends to rise when the dollar weakens.

Bitcoin has been trading in a range of around $18,000 to $24,000 since June and has failed to break this pattern.

Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, said Friday’s rally could be a “bearish retest” of the price of $22,500-$23,000.

“As such, unless it convincingly breaks through and closes above this level, I would still think this is a bearish rally that could see more reach and downside,” Ayyar said.

Bitcoin has taken a hit this year, and is more than 60% down from its record high in November, when the Federal Reserve aggressively hiked interest rates to dull risky assets like cryptocurrencies.

The crypto market has also been hit by failed projects and high-profile bankruptcies that have spread across the industry.

Ethereum “merge”, focus on inflation

Crypto markets have been anticipating a major network upgrade for Ethereum called Merge, which proponents say will make the blockchain more efficient.

The merger is expected to be completed by mid-September.

Ahead of the event, the price of Ether, Ethereum’s native token, has far outperformed Bitcoin.

Financial markets are also looking for signs of a slowdown in inflation when the US CPI is released next week. And investors are also watching signals on the Fed’s rate hike path.

On Thursday, Fed Chair Jerome Powell said he was “strongly committed” to fighting inflation and hinted that more rate hikes could be on the way.

As inflation cools and Ethereum merger awaits, Yuya Hasegawa, a crypto market analyst at Japanese crypto exchange Bitbank, said Bitcoin could test $22,000 but also issued a warning.

“Given what some Fed members, including Chairman Powell, have said this week, too much optimism could be dangerous,” Hasegawa said in a note on Friday.

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World News

Bitcoin (BTC) value falls under $19,000 as crypto market drops under $1 trillion

This “crypto winter” is different than the last. Here's why

Bitcoin continues to trade in a tight range of $18,000 to $24,000, keeping investors in the loop as to where the price is headed next. The crypto market has been plagued by a range of issues, from collapsed projects to bankruptcies.

Nurphoto | Getty Images

Bitcoin traded below $19,000 on Wednesday morning, hitting its lowest levels since June following a decline in global stock markets and continued US dollar strength.

The value of the overall cryptocurrency market also fell below $1 trillion as digital coins saw a sell-off across the board.

Bitcoin was trading at $18,812.36 as of 03:50 ET, according to CoinDesk, down more than 5%. Ether, which has far outpaced Bitcoin’s gains over the past few months, fell more than 8% to $1,518.59.

Central banks around the world are fighting rampant inflation by tightening monetary policy. The US Federal Reserve made a series of rate hikes totaling 2.25 percentage points. The markets expect further rate hikes.

The Fed’s tightening of monetary policy has strengthened the US dollar, which has weighed on risky assets. The US 10-year Treasury yield has also risen.

Bitcoin has traded in correlation to stocks, so when they fall, so does cryptocurrency generally.

“The macro environment also continues to prove challenging as the dollar continues to make highs. As we can see, this is affecting all risky assets,” Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, told CNBC.

“If we see the dollar turning back down, we should be able to push risky assets like bitcoin back up.”

The crypto market has been hit this year with nearly $2 trillion lost since its peak in November. Bitcoin is down about 60% from its record high of $68,990.90 set in November.

The sell-off was caused by a difficult environment for risky assets, as well as crypto-specific issues including collapsed projects and bankruptcies that have spread across the industry.

Ethereum merge in focus

Bitcoin has been trading in a tight range between $18,000 and $24,000 since June. Luno’s Ayyar said that “when a bottom is formed, bitcoin usually likes to pull back and test previous lows to see if they hold as support.”

He said that if Bitcoin does not drop below $17,500, the market is likely to consolidate within the $18,000-$24,000 range.

In the meantime, ether and so-called altcoins, i.e. alternative coins, have managed to rise further than Bitcoin. Ether has overtaken Bitcoin since both cryptocurrencies hit bottoms in June.

Ether is the native cryptocurrency on the Ethereum network. Ethereum is planning a huge upgrade this month — known as a merge — that proponents say will make the network more efficient.

“Ethereum hit yearly highs against Bitcoin pair in anticipation of merger,” Ayyar said. “As such, there has been much more interest and activity in the altcoin space as Bitcoin consolidates.”

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World News

Dow falls practically 400 factors as Tuesday’s sell-off intensifies

Dow falls nearly 400 points as Tuesday's sell-off intensifies

US stock indices fell on Tuesday as retail sales fell in July and worries about a slowdown in global economic growth increased.

Still, the losses came Tuesday after the Dow Jones Industrial Average and S&P 500 closed at record highs in the previous session.

The Dow fell 390 points, or 1.1%. The S&P 500 lost 1% and the Nasdaq Composite lost 1.2%.

Retail sales fell 1.1% in July, a decline more than the 0.3% decline expected by Dow Jones’ polls. The Census Bureau corrected the June figure to a jump of 0.7%.

“If we look at expectations for future consumer strength, some of the lead will be diminished by the rise of the Delta variant,” said Yung-Yu Ma of BMO Wealth Management. “These challenges are not going to go away anytime soon.”

Home Depot fell more than 4% after posting second quarter results, hurting the Dow. While quarterly earnings exceeded estimates, sales in the same store rose 4.5% during the reporting period, below the consensus estimate of 5% of analysts surveyed by StreetAccount. In the United States, sales in the same stores only increased 3.4%.

Walmart stocks rose slightly and then traded near the flatline after earnings beat estimates in the second quarter. The retailer grew in the grocery sector and reported a strong start to the back-to-school season.

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Disappointing economic data from China on Monday heightened concerns about a slowdown in global growth. Chip stocks fell for a second day on Tuesday, with the iShares Semiconductor ETF down more than 2% and Nvidia about 3%. The shares of Tesla and Boeing, both of which are also heavily dependent on the growth market China, fell.

Meanwhile, technology names were trending downward. Big tech stocks, including Google parent Alphabet, Amazon, Apple and Facebook, traded in the red.

Elsewhere, health stocks saw strength, with the S&P 500 Health Care Sector making record highs. United Health, Merck, and Johnson & Johnson all acted green.

The Dow and S&P 500 closed at record highs in their fifth consecutive positive session on Monday. The move of the S&P 500 during Monday’s session marked a milestone as the benchmark index doubled from its pandemic closing low on March 23, 2020. This is the fastest doubling of the bull market since World War II, according to calculations by CNBC.

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Politics

Unemployment falls however is increased for Black, Hispanic employees

Unemployment falls but is higher for Black, Hispanic workers

A man hands his resume over to an employer at the 25th annual Central Florida Employment Council Job Fair on the Central Florida Fairgrounds. More than 80 companies recruited for over a thousand positions.

Paul Hennessy | LightRakete | Getty Images

Unemployment fell to 5.4% when the economy created 943,000 jobs in July, with strong increases in all population groups despite persistent labor market inequalities.

The unemployment rate for blacks and Hispanic Americans fell to 8.2% and 6.6% respectively, but the numbers are high compared to the unemployment rate for whites and Asians. Unemployment was lowest among whites at 4.8% and among Asians it fell to 5.3%.

These numbers represent a broad improvement on June when the overall unemployment rate was 5.9%. Broken down by group, it was 9.2% for blacks, 7.4% for Hispanic workers, 5.8% for Asians, and 5.2% for whites.

The total employment rate or the share of employed or jobseekers remained largely unchanged. However, it actually fell slightly among blacks, suggesting that the fall in unemployment may be partly due to some blacks dropping out of the labor market.

Still, blacks are almost as likely to be in the labor force as whites, but earn 23% less on a weekly basis at $ 799 compared to $ 1,012, according to the Bureau of Labor Statistics median wage data for the second quarter.

Hispanics, who are more labor market participants than any other demographic, earn 26% less than whites at $ 779 a week. Asians are the top earners overall, with an average weekly wage of $ 1,281.

Black and Hispanic workers are disproportionately represented in low-wage industries such as transportation and warehousing, and leisure and hospitality.

For example, black workers make up about 13% of the US workforce, but 21% of all transportation and warehouse workers. Hispanic workers make up 17% of the labor force but 24% in the leisure and hospitality industries.

The differences are even greater when one compares the wages of white men and women across the different demographic categories. White women earn 19% less, black women nearly 40% less, Hispanic women 43% less, and Asian women earn 7% less.

Asian men were the highest earners overall, with an average weekly wage of $ 1,473.

The general employment trend is moving in the right direction as the economy recovers from the pandemic, said Heidi Shierholz, former chief economist at the Department of Labor under the Obama administration.

“Because people of color were disproportionately affected by this downturn and we are recovering from it, workers of color are seeing disproportionate gains,” said Shierholz, senior economist and policy director at the liberal Economic Policy Institute.

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World News

One other provincial capital, Taliqan, falls to the insurgents on Sunday.

Another provincial capital, Taliqan, falls to the insurgents on Sunday.

Taliban fighters captured another northern provincial capital on Sunday afternoon, local officials said, marking the third city to fall to the insurgent group in a single day.

The fighters had been contained at the gates of Taliqan, the capital of Takhar Province, since June. But as the Kunduz city center fell to the Taliban on Sunday, the insurgents moved into Taliqan, just a few miles away, pushing back government forces there in a bout of vicious fighting.

By sunset, the Taliban had seized the police headquarters and the provincial governor’s office, said an Afghan official who spoke on the condition of anonymity to discuss the developing situation.

Keramatullah Rustaqi, a Takhar provincial council member, said that the city had fallen to the Taliban and that “security forces left Taliqan to retreat to Farkhar,” a neighboring district.

Mr. Rustaqi added that government forces were ambushed along the way.

Taliqan, an ethnically diverse city with Uzbek, Tajik, Pashtun and Hazara residents, is symbolic to many in the north, and like Kunduz it borders Tajikistan. The city was the operations center of Ahmad Shah Massoud, an anti-Taliban militia commander who was killed just before the Sept. 11 terrorist attacks in 2001.

“A large number of the Taliban came from Kunduz and the districts of Takhar to capture Taliqan city, and there is fighting in four directions,” said Karimullah Bek, a pro-government militia commander in Taliqan, a few hours before the city fell. “We need reinforcements.”

The exhaustion described by government militia members fighting in Taliqan is common among security forces across Afghanistan after months of trying to hold back the Taliban. In addition to Kunduz, the insurgents have in just three days seized three other provincial capitals: Sheberghan, the capital of Jowzjan Province; Zaranj, the capital of Nimruz Province on the Afghanistan-Iran border; and Sar-e-Pul, the capital of a northern province of the same name.

“The situation is chaotic, and the front lines are not clear now,” said Mohammed Omar, a district governor in Takhar who is leading militia fighters in Taliqan.

By Sunday afternoon the Taliban had freed hundreds of inmates from the prison in Taliqan after security forces there fled, said Wafiullah Rahmani, the head of the Takhar provincial council. Breaking into jails and prisons has long been a central part of the insurgent group’s military strategy.

The Taliban’s capture of Taliqan, is a significant blow to the militia forces that are once again rising to prominence in an echo of the 1990s, when an ethnically charged civil war tore Afghanistan apart and helped the Taliban come to power.

Mr. Massoud’s son is now trying to assemble a force much in the way that his father did after the Soviets invaded Afghanistan more than 40 years ago. But the rise of these militia forces has had uneven effects on the battlefield.

The Taliban’s recent gains have put them in a position to consolidate their fighters and strengthen an offensive on Mazar-i-Sharif, an important economic hub near the Uzbek border and the capital of Balkh Province.

And once more the Afghan government has been presented with a dilemma: battle to retake the cities they have lost, or focus on defending what cities and provinces remain.

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World News

Bitcoin sell-off intensifies because the crypto falls under $30,000 degree, turns unfavorable for the 12 months

Bitcoin sell-off intensifies as the crypto falls below $30,000 level, turns negative for the year

The slump for bitcoin intensified on Tuesday as the leading cryptocurrency fell below the key $30,000 level and turned negative for 2021.

At its low of the day, Bitcoin fell more than 11% to about $28,911, below the $29,026 level where it ended 2020, according to Coin Metrics.The cryptocurrency was last down more than 9% to $29,410.30, according to Coin Metrics.

Technical analysts had been watching the $30,000 level as a key support level on the charts after the cryptocurrency had fallen to near that low during its May crash. The analysts, who study charts to make buying and selling decisions, believe the next level to watch for support could now be as low as $20,000.

Now that it is approaching $29,000, the price of bitcoin is threatening to turn negative for the year.

Galaxy Digital CEO Mike Novogratz said on CNBC’s “Squawk Box” that bitcoin could still rebound after Tuesday’s move but there was significant downside to the next support level.

“$30,000, we’ll see if it holds on the day. We might plunge below it for a while and close above it. If it’s really breached, $25,000 is the next big level of support,” Novogratz said. “Listen, I’m less happy than I was at $60,000 but I’m not nervous.”

Bitcoin has been struggling to reclaim its highs from earlier in the quarter. It fell dramatically in May following some market-moving tweets by Elon Musk about bitcoin-related environmental concerns, and then even further in early June around fears of the cryptocurrency’s use in the Colonial Pipeline ransomware attack.

It’s been on a rollercoaster ride since then, battered by a stream of headlines out of China, where regulators have imposed new restrictions on energy-intensive mining and ordered financial institutions like Alipay to stop doing business with crypto companies. The price briefly touched $40,000 last week and fell again Monday.

With Tuesday’s losses, bitcoin has slid about 54% from its all-time high of more than $64,000 in mid-April, taking other cryptocurrencies along with it. Ether fell 8% and dogecoin is dropping more than 16%.

Significant pullbacks have happened before in the cryptocurrency market, with bitcoin falling about 80% from its late 2017 highs at one point. Professional crypto investors have warned that the space should continue to be volatile in the years ahead.

“The only guarantee with the cryptocurrency space is volatility and obviously, that’s what we have right now,” Fairlead Strategies founder Katie Stockton told CNBC. “It’s not new, we’ve had days like this before, it’s just a matter of navigating through this noise.”

Crypto investment product providers, such as CoinShares, Grayscale and Bitwise, are experiencing their sixth consecutive weeks of outflows, though some providers are seeing inflows, according to CoinShares. Bearish sentiment is more focused on bitcoin, with outflows for the week totaling $89 million.

Novogratz also noted that despite previous pullbacks, crypto market infrastructure is only becoming more mature, which has helped usher in more institutional support over the past year, with major hedge fund managers, pension funds and banks jumping into crypto, while registered investment advisors seek ways to get clients exposure to cryptocurrencies in ways that are compatible with their current workflow and wait for custody banks to introduce crypto services.

The price of bitcoin rose nearly 500% between mid-September of last year and its April peak. Even with the recent decline, the cryptocurrency is still up about 150% over the past 12 months.

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World News

Dow falls for a second day following Fed coverage replace, loses 210 factors

Dow falls for a second day following Fed policy update, loses 210 points

The Dow Jones Industrial Average fell for a second day as investors digested the Federal Reserve’s latest policy update, in which it moved up its timeline for interest rate hikes and forecast higher inflation.

Materials-related stocks led the losses as the Fed’s move to eventually raise rates, along with a current campaign by China to tamp down the price of metals, took the air out of a surge in commodity prices this year.

Losses in the overall market were tame, however, and the S&P 500 was less than 0.9% below an all-time high. The central bank maintained its asset-buying program, which some investors argued would support equities some more in the short term.

The Dow Jones Industrial Average dropped 210 points, or 0.62%, to 33,823.45, weighed down by losses of more than 3% in Dow Inc. and Caterpillar each as most commodity prices took a hit. The S&P 500 fell 0.04% to 4,221.86. The Nasdaq Composite gained 0.87% to 14,161.35 as investors huddled in some Big Tech stocks with Tesla up 1.9%, Amazon up nearly 2.2% and Facebook up 1.6%. Shopify and Twilio gained close to 6.1% and 8%, respectively.

The closely-watched Federal Reserve meeting Wednesday spurred a sell-off in equities after the central bank moved up its timeline for rate hikes, seeing two increases in 2023. The central bank also hiked its inflation forecast to 3.4% for the year, a percentage point higher than the Federal Open Market Committee’s forecast in March.

Copper futures were off by nearly 5%, while futures prices for palladium and platinum fell more than 11% and nearly 7%, respectively. U.S. oil prices settled down more than 1% to $71.04.

“Commodities have been a popular investment in the last year as investors have been adding some portfolio protection against inflation. So many investors were probably overexposed going into the Fed meeting and the U.S. dollar’s response is forcing some reconsideration,” Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC.

Hedge fund legend David Tepper told CNBC’s Scott Wapner that the Fed did a good job on Wednesday and that “the stock market is still fine for now.”

Adding to the bearish sentiment on Thursday, the Labor Department reported that initial jobless claims rose last week to 412,000, up from the previous week’s 375,000. Economists polled by Dow Jones expected jobless claims of 360,000.

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World News

Bitcoin falls beneath $36,000 as cryptocurrencies slip as soon as once more

Bitcoin falls below $36,000 as cryptocurrencies slip once again

Bitcoin took another hit on Friday as other cryptocurrencies including ether and doge also saw their values fall.

The price of bitcoin hovered around $36,000 on Friday. Bitcoin traded 7% lower at $35,997.72 by 4:10 p.m. ET, according to Coin Metrics data.

Elsewhere, ethereum’s price fell 9.3% to $2,501.16 a coin, while dogecoin’s price fell 4% to 32 cents.

Bitcoin, the world’s most popular cryptocurrency has been trying to recover after a week of turmoil that saw its price tumble 30% to around $30,000 last week.

It briefly climbed back above $40,000 on Wednesday before losing some of those gains.

Cryptocurrencies continue to divide opinion. In a 41-page note last week, Goldman analysts shared their views on whether the likes of bitcoin and ethereum should be considered an asset class or not.

The latest price falls comes a day after longtime bitcoin bull Cathie Wood, founder and CEO of Ark Investment Management, argued that bitcoin has a place in the world of deflation.

Emerging markets — where currencies are often linked closely to commodity price cyclicality — could ultimately spur outperformance in bitcoin, she said.

“I think what will happen as their currencies come under pressure, the velocity of their money will increase as more and more of their populations shift into bitcoin, and other cryptocurrencies and assets,” Wood said at CoinDesk’s Consensus 2021 conference on Thursday.

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Last week’s crypto sell-off came after authorities in China and the U.S. moved to tighten regulation and tax compliance on cryptocurrencies. Chinese authorities called for tighter regulation on crypto mining and trading, reinforcing rules announced in 2017, and the U.S. Treasury announced that it would require stricter crypto compliance with the IRS.

The price recovered after Tesla CEO Elon Musk said Monday he had spoken with bitcoin miners in North America about renewable energy solutions amid growing concerns about the crypto’s carbon footprint. Elsewhere, hedge fund billionaire Ray Dalio revealed in an article published on Monday that he owns some bitcoin.

— Additional reporting by CNBC’s Maggie Fitzgerald.

Categories
World News

Bitcoin resumes sell-off over weekend, falls beneath $32,000

Bitcoin resumes sell-off over weekend, falls below $32,000

A visual representation of the cryptocurrency Bitcoin on November 20, 2018 in London, England.

Jordan Mansfield | Getty Images

The bitcoin selloff continued Sunday following a roller-coaster week of trading, as authorities in China and the U.S. move to tighten regulation and tax compliance on cryptocurrencies.

Bitcoin fell roughly 16% to $31,772.43 by 12:27 p.m. ET, according to Coin Metrics data.

The world’s largest cryptocurrency on Friday afternoon traded at $35,891.20.

Bitcoin’s recent selloff is a major reversal for the cryptocurrency, which appeared to be gaining traction among major Wall Street banks and publicly traded companies. This month, however, bitcoin has been hit by a series of negative headlines from major influencers and regulators.

Tesla CEO Elon Musk, who helped fuel bullish sentiment when his company bought $1.5 billion of bitcoin, delivered a blow earlier this month when he announced that the automaker had suspended vehicle purchases using the cryptocurrency over environmental concerns.

Musk subsequently sent mixed messages about his position on bitcoin, implying in a tweet that Tesla may have sold its holdings, only to clarify later that it had not done so.

“The asset class continues to be highly volatile, with the potential of significant price movements resulting from a single tweet or public comment,” CIBC analyst Stephanie Price said in a note Thursday.

A JPMorgan report showed large institutional investors were dumping bitcoin in favor of gold. The news raised questions about institutional support for the cryptocurrency.

Cryptocurrencies continued to slide as Chinese authorities called for tighter regulation on crypto mining and trading, and the U.S. Treasury announced that it would require stricter crypto compliance with the IRS.

Bitcoin on Wednesday plunged more than 30% at one point to nearly $30,000, its lowest price since late January, according to Coin Metrics. The cryptocurrency peaked in April near $65,000.

“Even with this week’s selloff cryptocurrencies have had an incredible run over the last year,” Price said.

Bitcoin is up 268% in the past year, according to Coinbase. Ether, the second largest cryptocurrency, grew more than 840%.

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— CNBC’s Michael Bloom contributed reporting.

Categories
Business

Bitcoin (BTC) value falls after Tesla stops automobile purchases with crypto

Bitcoin (BTC) price falls after Tesla stops car purchases with crypto

Artur Widak | NurPhoto | Getty Images

GUANGZHOU, China – Hundreds of billions of dollars were wiped from the entire cryptocurrency market after Tesla CEO Elon Musk tweeted that the electric vehicle maker would stop buying cars with bitcoin.

According to Coinmarketcap.com, the value of the entire cryptocurrency market was around $ 2.43 trillion at around 6:06 a.m. Singapore time on Thursday when Musk made the announcement.

By 8:45 a.m., market cap had dropped to around $ 2.06 trillion and wiped out around $ 365.85 billion. The market has reduced some losses. Since Musk’s tweet, the cryptocurrency market had lost $ 165.75 billion in value at around 9:22 a.m. Singapore time.

In February, Tesla announced in a filing for approval that it had purchased $ 1.5 billion worth of Bitcoin and planned to accept the cryptocurrency for payments.

Citing environmental concerns Thursday, Musk said Tesla was “concerned about the rapidly increasing use of fossil fuels for bitcoin mining and transactions, particularly coal, which has the worst emissions of any fuel.”

Bitcoin is not issued by a single entity such as a central bank. Instead, it is maintained by a network of so-called “miners”. These miners use specially designed computers that use a great deal of energy to solve complex math puzzles in order to make Bitcoin transactions. Bitcoin’s energy consumption is higher than in some individual countries.

At around 9:34 a.m. Singapore time, Bitcoin fell more than 12%, falling below the $ 50,000 mark for the first time since April 24, according to CoinDesk data. Despite the recent decline, Bitcoin is still up over 400% in the past 12 months.

Other cryptocurrencies Ether and XRP were also significantly lower.

Musk was a big advocate of digital currencies like Bitcoin and Dogecoin and has helped drive prices up over the past few months.

Tesla CEO said the company will not sell Bitcoin and intends to use it for transactions “once mining moves to more sustainable energy.”

Bitcoin has piqued interest over the past year as companies like Square and Tesla announced Bitcoin purchases and large institutional investors entered the cryptocurrency space. Large investment banks like Goldman Sachs and Morgan Stanley have also been looking for ways to give their wealthy clients exposure to Bitcoin.