Cryptocurrency-related stocks like BIT mining (BTCM). -8.9%Bakkt (NYSE:BKKT). -4.9% And HIVE blockchain (HIVE). -6.1% Despite a slight rise in Bitcoin, it has fallen in trading on Monday afternoon (BTC-USD) And other major digital tokens.
Bitcoin (BTC-USD), The gradual rise on Monday fell for the seventh straight week, the longest consecutive loss since August 2011. Bloomberg.. Given its strong correlation with Bitcoin, it’s not surprising that stocks are facing similar cyclical declines.
As Bloomberg quoted, “If S & P falls further, it should create a final flash of Bitcoin and great buying opportunities,” said Mark Newton, fund strategist global technical strategist. “There’s a lot of bearishness, and the time when you really want to buy it in the next few months should be approaching.”
Overall, Bitcoin (BTC-USD) Almost off twenty five% With M / M -37% YTD calls for regulatory agencies around the world to step up surveillance in decentralized spaces after tens of billions of dollars have been wiped out of TerraUSD stablecoin (UST-USD) And Luna (LUNA-USD) At the beginning of May.
Speaking of stablecoins designed to be fixed to a more “stable” asset value, the International Monetary Fund’s head, Cristalina Georgieva, said that there are no asset-backed stablecoins. I believe she doesn’t have more than a rat lecture, she panel Discussion at the World Economic Forum.
As CNBC quoted, “Looking at Stablecoin, this is a region of great turmoil. If Stablecoin is backed by one-on-one assets, it’s stable. If not, but promised to bring a 20% profit, it’s a pyramid. “
Other crypto-focused stocks experiencing selling pressure during the day are: Hat 8 Mining (Hut -1.2%), Bit farm (BITF -1.1%), SOS (SOS -3.2%), Bit digital (BTBT -2.7%), CleanSpark (CLSK -1.9%), Greenidge Generation (Gree + 0.4%) And Stronghold Digital (SDIG + 0.2%).
Previously, Scott Minard of Guggenheim $ 8K from Bitcoin..