Bitcoin Drops to Lowest in Month as El Salvador Rollout Falters

Bloomberg2021-09-08

El Salvador president tweets that he is buying the dip Selloff comes after almost 75% rally since late July Bitcoin plunged as much as 17% to its lowest level in a month as El Salvador’s crypto ...

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Comments

hellodarz888
2021-09-08
hellodarz888
Just dca for long term
DesmondChin
2021-09-08
DesmondChin
Minor dip, still well above 25k
SSVC
2021-09-08
SSVC
Drop some more.. Appreciate your response and comments Thanks
JS64
2021-09-08
JS64
Gg
jkjie90
2021-09-08
jkjie90
Drop more
- JS64:
  Lol
- MOON88:
  Why dRop?
yonglh
2021-09-08
yonglh
Like pls
- Weijielim:
  ok

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The Bloomberg Galaxy Crypto Index, which tracks some of the largest digital tokens, lost as much as 19% at one point.\n“Mystery selloffs, or selloffs where a legitimate reason is only found a significant while later are much more common in crypto than in other asset classes,” said Stephane Ouellette, chief executive and co-founder of FRNT Financial. “The market remains far more opaque and global than most if not all other notable asset classes.”\nThe swiftness of the plunge was likely accelerated as more than 336,000 traders had their accounts liquidated over the past 24 hours, equal to around $3.6 billion worth of crypto, according to data from Bybt, a crypto futures trading and information platform.\nThe retreat comes as Bitcoin faces one of its biggest test in its 12-year history as El Salvador became the first country to adopt it as legal tender. The Central American nation’s president, Nayib Bukele, said on Twitter that the digital wallet being used in the project can now be downloaded after it was shut down earlier because of technical glitches.\nThe wallet, known as Chivo, comes pre-loaded with $30 worth of the currency for users who register with a Salvadoran national ID number.\n\nUsers on platforms including Twitter and Reddit had discussed plans to buy $30 worth of Bitcoin en masse on Tuesday to mark El Salvador’s law coming into effect. The potential coordinated price pump echoes previous online campaigns targeting meme stocks like GameStop Corp.\nBukele also said during the price slide that he was buying the dip, commenting on Twitter that 150 new coins were added and that the country now holds 550 Bitcoin. “Cryptocurrency” and “cryptocurrencis” were trending on Twitter at one point.\n\nTuesday’s selloff is the biggest break in the rebound that had lifted Bitcoin almost 75% since late July. Other coins that had enjoyed even bigger price rallies were faring worse: Cardano lost about 15% Tuesday, while Dogecoin, the often-derided joke cryptocurrency, dropped 18%, according to CoinMarketCap.com.\nTraders also flagged the poor seasonality as cause of concern. In the past decade, September is the only month when Bitcoin has failed to deliver positive returns. The token fell during the calendar month in six of the previous 10 years, losing more than 6% on average, data compiled by Bloomberg show.\n“It’s a bit of the speculative excesses being wrung out of the system,” Bloomberg Intelligence’s Mike McGlone said on Bloomberg’s “QuickTake Stock” streaming program.\nSeptember tends to be rough for Bitcoin\nEther, the second-largest digital asset, also posted a drop, going from $3,900 to roughly $3,000 in a matter of minutes before paring its loss to about 13%.\nShares of companies linked to cryptocurrencies also tumbled. Riot Blockchain Inc. slumped 5.9%, while Marathon Digital sank 8.4%. Coinbase Global Inc., the provider of an online trading platform for such digital currencies fell 3.3% and MicroStrategy Inc. declined 8.2%.\nCredit: Bybt\nStill, Bitcoin found support and bounced off its average price over the last 50 days. It recouped some of its losses to trade above its 200-day moving average, which is around $46,000.\n“We’ve often seen in the past where many traders take profits at psychological levels including $40,000 and $50,000,” said Valkyrie Investments CEO Leah Wald. “The market tends to sell off as a result of limit orders placed just above these key price levels, or as a result of stop losses placed after surpassing them because people want to lock in profits should the market retrace.”\nMany analysts were stumped by Bitcoin’s moves -- the coin is notorious for its volatility but the speed with which it plunged and recouped some of the losses took many by surprise. As of 4:089 p.m. in New York, it traded around $46,781, an 9.9% drop.\n“It didn’t surprise me that Bitcoin didn’t rally on the El Salvador news, but this pullback is weird, especially since it came mid-morning and not shortly after the news broke,” said Matt Maley, chief market strategist for Miller Tabak + Co. “If it was a ‘fat finger’ at a hedge fund or brokerage firm, it won’t be a problem. If it is something else, I’ll become a lot more worried.”","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":880266780,"gmtCreate":1631060499140,"gmtModify":1676530454829,"author":{"id":"3583033675115574","authorId":"3583033675115574","name":"hellodarz888","avatar":"https://static.tigerbbs.com/4e5f7fa39ea3c821aa8099f517287dcb","vip":1,"crmLevel":8,"crmLevelSwitch":1},"htmlText":"Just dca for long term","listText":"Just dca for long term","text":"Just dca for long term","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/880266780","repostId":1135009497,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":880261685,"gmtCreate":1631060344047,"gmtModify":1676530454767,"author":{"id":"3578983795474363","authorId":"3578983795474363","name":"DesmondChin","avatar":"https://static.tigerbbs.com/b90cb6b6a6c328ac8d02a829e5e7c835","vip":1,"hat":"https://static.tigerbbs.com/46b6808e1ba3716fb9c53339adffa3c5","crmLevel":3,"crmLevelSwitch":1},"htmlText":"Minor dip, still well above 25k","listText":"Minor dip, still well above 25k","text":"Minor dip, still well above 25k","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/880261685","repostId":1135009497,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":880269197,"gmtCreate":1631060257019,"gmtModify":1676530454636,"author":{"id":"3574906731000207","authorId":"3574906731000207","name":"SSVC","avatar":"https://static.tigerbbs.com/545a5ea462ff4ac7cc100bd3d8d97f72","vip":1,"crmLevel":3,"crmLevelSwitch":0},"htmlText":"Drop some more.. Appreciate your response and comments Thanks&nbsp;","listText":"Drop some more.. Appreciate your response and comments Thanks&nbsp;","text":"Drop some more.. Appreciate your response and comments Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/880269197","repostId":1135009497,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":880207596,"gmtCreate":1631058622515,"gmtModify":1676530453546,"author":{"id":"3582972798563668","authorId":"3582972798563668","name":"JS64","avatar":"https://static.tigerbbs.com/ad519f92a203874c41d7d11080b13d18","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"Gg","listText":"Gg","text":"Gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/880207596","repostId":1135009497,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":880208809,"gmtCreate":1631058391601,"gmtModify":1676530453427,"author":{"id":"3554944807961803","authorId":"3554944807961803","name":"jkjie90","avatar":"https://static.tigerbbs.com/52ebfc4d59111949c49921b264d26ceb","vip":1,"crmLevel":5,"crmLevelSwitch":1},"htmlText":"Drop more","listText":"Drop more","text":"Drop more","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/880208809","repostId":1135009497,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5785939,"gmtCreate":1631058631746,"gmtModify":1663233532033,"authorId":3582972798563668,"author":{"id":3582972798563668,"authorId":3582972798563668,"name":"JS64","avatar":"https://static.tigerbbs.com/ad519f92a203874c41d7d11080b13d18","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":880208809,"type":1,"supId":0,"prevId":0,"content":"Lol","text":"Lol","html":"Lol"},{"id":5786149,"gmtCreate":1631059231159,"gmtModify":1663233531936,"authorId":3575859659136593,"author":{"id":3575859659136593,"authorId":3575859659136593,"name":"MOON88","avatar":"https://static.tigerbbs.com/f09b0d1b368ce9762e9af5a440d99d98","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":880208809,"type":1,"supId":0,"prevId":0,"content":"Why dRop?","text":"Why dRop?","html":"Why dRop?"}],"langContent":"EN"},{"id":880201018,"gmtCreate":1631058319834,"gmtModify":1676530453411,"author":{"id":"3586655403870193","authorId":"3586655403870193","name":"yonglh","avatar":"https://static.tigerbbs.com/32b350f718bac0a9eb33d295c6132a1e","vip":1,"crmLevel":5,"crmLevelSwitch":0},"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/880201018","repostId":1135009497,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5785844,"gmtCreate":1631058380272,"gmtModify":1663233529642,"authorId":3569829429894333,"author":{"id":3569829429894333,"authorId":3569829429894333,"name":"Weijielim","avatar":"https://static.tigerbbs.com/f15e78cf1614d5802ab8dfb0d542754d","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":880201018,"type":1,"supId":0,"prevId":0,"content":"ok","text":"ok","html":"ok"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":92,"commentSize":15,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1135009497"}