December 1, 2022

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Bitcoin balances at the important $20,000 limit.  The investment manager thinks it will go further down

Bitcoin balances at the important $20,000 limit. The investment manager thinks it will go further down

Bitcoin has fallen in value in the past three months. The stock market has also seen negative numbers, and bitcoin has historically been closely associated with movements in the US stock market and tends to follow them either up or down, he writes. CNBC.

From about $47,500 on March 29 to now about $20,000. Fundstrat technical strategist Mark Newton writes, according to BloombergHowever, this bitcoin has room to drop to $12,500 before hitting its bottom.

On Wednesday, the cryptocurrency market was also marked by the fact that a court in the British Virgin Islands ordered the liquidation of crypto hedge fund Three Arrows Capital, after the company defaulted on debt, he writes, among other things. The Wall Street Journal. According to the main newspaper, the fund ran around $3 billion in April — before the cryptocurrency market actually started to plummet.

– drastically changed

Nordea chief investment officer Robert Ness doesn’t believe that bitcoin has any future, but says that even if he thinks bitcoin will be worth zero in a few years, the value could rise to high levels again before then.

– What distinguishes the recent drop from the decline in previous years is that before that there was a lot of development in the crypto world. This year we have seen that many business models in the crypto market simply don’t work.

It highlights Celsius and Terra as failed models.

One of the downsides to coding players is that most of the information is available on the Internet. Then we may have situations like Terra where everyone can see that they are not able to lend money for which they are paying a high interest rate and they will not be able to last much longer. Or as in Celsius, you can see that the sediments can be taken out for the day and then put at the same time in tied instruments for a long time. This can lead to clients feeling anxious and running away, or hedge funds or others taking advantage of the situation to make money by shorting their instruments, says Ness.

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Since mid-June, Bitcoin has struggled to stay above $22,000. Meanwhile, Norwegian crypto exchange Firi announced a layoff.

– Market conditions have changed drastically recently. Investors are paying more attention to profitable growth than they were just a few months ago, and then we will have to adapt. CEO and founder of Firi Thuc Hoang said that although the cost cuts have been well received in the capital market, today we are thinking first and foremost about the employees who have to leave the company. DN and then.

Macroeconomic background

Like many growth and technology stocks in the traditional financial market, the crypto market has also undergone a distinct transformation in recent months.

High inflation and high interest rates are just some of the things that have caused the market to shy away from “risky” investments, such as volatility-prone cryptocurrencies, or for example some of the technology and growth stocks that are so popular during the pandemic.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.

This is what the bitcoin factory looks like

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