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The price of bitcoin fell 48 percent in two days and lost 30 percent of its value this week, moving in tandem with risk assets and challenging the narrative that bitcoin acts as a safe haven asset in times of political and economic uncertainty.
Bitcoin is currently trading at $5,364, about 40 percent up from a low of $3,858 late Thursday night – the lowest since May 2019. Bitcoin has historically demonstrated strong recoveries from similarly violent sell-offs.
Crypto exchanges briefly went offline early Friday morning, and the New York State Department of Financial Services is requiring licensed crypto firms to produce coronavirus contingency plans.
On Thursday afternoon, between President Trump's speech about travel restrictions and before Christine Lagarde's speech in which she refused to cut rates, the crypto markets fell 20 to 30 percent in the span of an hour in one of bitcoin's sharpest ever selloffs. Gold, platinum, palladium, gasoline, and sugar plummeted around the same time.
"The latest market meltdown centers around liquidity (or lack thereof) as investors sell whatever they can to minimize additional losses or cover their positions," Kevin Kelly, lead analyst at Delphi Digital, said in an investor note Thursday. "The old adage 'cash is king' rings truer than ever at times like this as markets crater and hysteria takes hold. Beware fakeout rallies and false bottoms as they've claimed more careers than they've made."
The average rate on a 30-year mortgage fell 0.06% last week. Although the rate is much higher than it was two years ago, the decline could relieve buyers already dealing with low inventory and high prices.
As millions of Americans are set to retire, John Carter, President & COO of Nationwide Financial, shares what to expect and how consumers of all ages can better prepare for their golden years.
The heated hearing began with recorded testimony from kids and parents talking about being exploited on social media. Throughout the hours-long event, parents who lost children to suicide silently held up pictures of their dead kids.
Adtalem CEO Steve Beard addresses a report from Safkhet Capital taking the short position on the for-profit education giant, plus why he believes there should be financial recourse for student loan borrowers misled by their institutions.
CEO of Americares Christine Squires shares how the organization is helping provide medical assistance in a time of increasing instability, war, and climate-related disaster.
Doug Clinton, Deepwater Asset Management managing partner, shares tips for investors looking to take advantage of the massive boom in artificial intelligence beyond Microsoft and Nvidia.
