{"id":448742,"date":"2022-06-14T07:50:50","date_gmt":"2022-06-14T05:50:50","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=448742"},"modified":"2022-06-14T07:50:50","modified_gmt":"2022-06-14T05:50:50","slug":"bitcoin-takes-a-beating","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/448742-bitcoin-takes-a-beating.html","title":{"rendered":"Bitcoin takes a beating"},"content":{"rendered":"

Bitcoin delivered another white-knuckle ride Tuesday, dropping 10% before paring much of the slide as speculators struggled to price in the prospect of even bigger Federal Reserve interest-rate hikes to quell inflation.<\/p>\n

The world\u2019s largest digital token more than halved a $2,386 intraday drop to trade at $22,690 as of 2:19 p.m. in Tokyo.<\/p>\n

Coins such as Ether and Avalanche also trimmed losses, while Polkadot was among those flirting with gains.<\/p>\n

Cryptocurrencies have become emblematic of a flight from speculative assets as monetary policy is tightened around the world to fight inflation, draining liquidity from global markets.<\/p>\n

Each swoon evokes the obligatory question of whether the time is right to buy the dip because a nadir may be close at hand.<\/p>\n

\u201cThere were some buyers waiting for an opportunity to buy on dips and that\u2019s why Bitcoin has come off its lows,\u201d\u00a0Sathvik Vishwanath<\/a><\/strong>, chief executive officer of the Unocoin crypto exchange, said from Bengaluru, India.<\/p>\n

But the reprieve may be temporary as retail investors remain jittery about liquidity, he said.<\/p>\n

Crypto lender Celsius freezing withdrawals on Monday exacerbated worries about the stress in the digital-asset sector, a fresh crisis just a month after the Terra stablecoin\u2019s collapse roiled the market.<\/p>\n

Traders are also monitoring MicroStrategy Inc., whose big bet on Bitcoin is backfiring. The firm loaded up on the coins and may need to post additional collateral for a loan as Bitcoin tests a key price range it flagged last month.<\/p>\n

More than $1.1 billion was liquidated in the crypto markets on Monday — about $685 million of longs and $468 million on the short side, according to Coinglass data. That\u2019s the most for both longs and shorts in at least the past three months, the data showed.<\/p>\n

Crypto-linked shares in Asia, such as Monex Group and SBI Holdings Inc., retreated Tuesday amid the sour overall mood.<\/p>\n

Some strategists are looking for signs of a crypto bottom. Mark Newton of Fundstrat Global Advisors said Bitcoin is \u201cgetting closer to intermediate-term levels of support which suggest buying dips should be correct by the end of the second quarter.\u201d<\/p>\n

\"\"<\/a><\/p>\n

\n

Now read: Crypto carnage<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"

Bitcoin delivered another white-knuckle ride Tuesday, dropping 10% before paring much of the slide as speculators struggled to price in the prospect of even bigger Federal Reserve interest-rate hikes to quell inflation.<\/p>\n","protected":false},"author":341034,"featured_media":430924,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44696],"tags":[40038,187,43338,75248],"class_list":["post-448742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-avalanche","tag-bitcoin","tag-ether","tag-polkadot"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/448742"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=448742"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/448742\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/430924"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=448742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=448742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=448742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}