Bitcoin: Some Cryptocurrency Questions Nobody Can Answer – Bloomberg

Bloomberg Markets European Close. Live from New York and London, analyzing the major market moving stories across the day in Europe, hear from the biggest newsmakers and showcase the unrivaled expertise of Bloomberg News.
Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens.
In the past few decades, telescopes have discovered thousands of objects beyond Neptune, and their orbits have made some scientists think that a massive ninth planet exists. A new telescope in Chile may be powerful enough to finally find it.
WHO Says Updated Covid Vaccines for Omicron May Be Necessary
Angola Delays Opening of $5 Billion Airport for the Fourth Time
Can AI Gain Sentience? Maybe, But Probably Not Yet: QuickTake
SpaceX Fires Employees Over Letter Critical of CEO Musk
N.Y. Sportsbooks Limit Promos, Ask for Tax Breaks as Losses Rise
Former Trump Aide Navarro Pleads Not Guilty in Contempt Case
Putin Says Russia Can Survive Sanctions, Says West Will Suffer More
Builders Are Slashing Prices to Sell Homes in Fast-Cooling US Markets
One Expensive Horse Shows Complications of Asset Seizures
Cruz And Banderas United By Humor in ‘Official Competition’
If You’re Thinking of Taking Fridays Off This Summer, You’re Not Alone
Inflation Isn’t the Only Reason Biden Should Lift China Tariffs
Don’t Take Lunch From America’s Students
Next Juneteenth, Let’s Have More Black Economists
Adults Who Love Toys? The Toy Industry Loves Them, Too
ESPN’s NHL Deal Shows Broadcasters a New Way to Profit From Sports Rights
America’s Convention Center Kings Want You Wearing Lanyards Again
A Quarter of All Abortion Clinics Would Close in US If Roe Is Overturned
Former Goldman Sachs MD Is Publishing a Book Alleging Abuse and Attack
WWE Says CEO Vince McMahon to Step Back During Misconduct Probe
Europe Heat Wave Creeping North Leaves Record Highs in Its Wake
Inflation Turns EVs Into Luxury Items, Threatening Broader Electric Shift
Rikers Jail Replacement Plan Pits Chinatown Against New York City
Without Commuters, US Transit Agencies Are Running Out of Options
As US Road Deaths Rise, France Is Safer Than Ever. Why?
Crypto Exchange Giant FTX Enters Canada With Acquisition
Crypto Lender Babel Freezes Withdrawals as Industry Pain Spreads
Crypto and US Politics: Is Bipartisan Regulation Possible?
In previous bear markets, people wondered if digital currencies would rebound. Now, they wonder if even the blockchain will survive.
The CryptoPunks can’t be very happy these days.
Photographer: Dia Dipasupil/Getty Images

Bitcoin and other cryptocurrency assets are notoriously volatile, routinely suffering large drops of 50% or more. This doesn’t seem to bother the diehard believers in crypto too much, who have become used to declines of this magnitude. They simply use the declines to buy more. Even so, there are still a lot of people in the space who remember “crypto winter,” the period between early 2018 and mid-2020 when prices went down and stayed down, and much of the innovation in crypto came to a halt.
So, the question is: What do we make of the recent gyrations in the space, with the Bloomberg Galaxy Crypto Index down some 60% from its peak in early November? Does this mark the beginning of a new, long winter after a short spring or is it just a pause that refreshes? Although the selloff in crypto may not be as big as others in its history, it feels worse because the market has grown so big — to the trillions of dollars in size. The damage in crypto has been broad, with hundreds of coins having plunged by some 90%. Bitcoin, the biggest and most well-known of the cryptocurrencies, hasn’t done as bad, but is still down a painful 56% from the peak. 

source

Leave a Reply

Your email address will not be published.