Riding The Wave News Summary #37
Bitcoin Touches Six-Week Low; Doge Gains on Twitter Musk Outlook, Elon Musk Wants to Authenticate Every Twitter User. Crypto Twitter Should Take Notice, & more
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Table of Contents
Tweets
Bitcoin Touches Six-Week Low; Doge Gains on Twitter Musk Outlook
Elon Musk Wants to Authenticate Every Twitter User. Crypto Twitter Should Take Notice
Buenos Aires Mayor Touts Plan That Permits Tax Payments in Bitcoin
Tweets
Bitcoin Touches Six-Week Low; Doge Gains on Twitter Musk Outlook
Bitcoin extended this month’s losses in Monday trade as investors shied away from risk assets amid a more hawkish outlook for Federal Reserve policy tightening.
The largest cryptocurrency slid as much as 3.3% to $38,223, the lowest since March 15, and down more than 20% from last month’s high. It was little changed after paring the earlier loss. The second-biggest coin, Ether, slumped as much as 4.8% to $2,799, a level not seen since March 18.
Dogecoin jumped as much as 7.4% amid reports that long-time backer Elon Musk is close to reaching an agreement to buy Twitter Inc.
“Bitcoin looks to be breaking a pivotal minor two-month trend on Friday’s pullback that likely causes weakness down to test January lows,” Mark Newton, a technical strategist at Fundstrat, wrote in a research note Friday. He expects an initial pullback to $36,300, “but breaks of that level should lead to a full retest of $32,950 without too much trouble.”
For all its recent losses, Bitcoin remains in the middle of a trading range that has held since the start of the year, between about $35,000 to $45,000. The digital currency moves strongly in line with the tech-heavy Nasdaq 100, and is negatively correlated with the dollar.
Bitcoin has been breaking lower with the markets disappointed that we haven’t seen a sharp break up through the core SMAs. Doge is behaving slightly differently (instead moving up) in part due to Elon attempting to buy Twitter and how Doge could then play into that (As it is heavily associated with Elon).
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