{"id":10709,"date":"2021-05-20T15:41:36","date_gmt":"2021-05-20T15:41:36","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/?p=10709"},"modified":"2021-05-20T15:03:51","modified_gmt":"2021-05-20T15:03:51","slug":"bitcoin-struggles-to-recover-as-concern-mounts-over-tighter-regulation","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/bitcoin-struggles-to-recover-as-concern-mounts-over-tighter-regulation","title":{"rendered":"Bitcoin struggles to recover as concern mounts over tighter regulation"},"content":{"rendered":"

Africa-Press<\/a> – South-Africa<\/a>. <\/strong><\/span>By Stanley White and Vidya Ranganathan<\/p>\n

Tokyo – Bitcoin recovered marginally on Thursday from the previous session’s brutal slide to four-month lows but was weighed down by concerns over tighter regulation in China and unease over massive leveraged positions in the cryptocurrency world.<\/p>\n

Bitcoin, the biggest and most popular cryptocurrency , rose 8.75% to touch $40,000, albeit briefly, after plunging 14% on Wednesday to its lowest since late January.<\/p>\n

Smaller rival ether was up 3% at $2,517, but in extremely volatile trading after its 28% tumble on Wednesday.<\/p>\n

Wednesday’s declines in both digital assets were their biggest daily percentage moves in more than a year as investors rushed to exit trades that until recently were heartily outperforming traditional markets such as stocks and bonds.<\/p>\n

The latest catalyst was a statement by Chinese financial industry groups on Tuesday banning institutions from offering cryptocurrency registration, trading, clearing, and settlement.<\/p>\n

But bitcoin had been under pressure for almost a week after a series of tweets from carmaker Tesla’s chief Elon Musk, a major cryptocurrency backer, chiefly his reversal on Tesla accepting bitcoin as payment.<\/p>\n

While Beijing has taken steps before to block access domestically to cryptocurrency exchanges, its latest directive was broader.<\/p>\n

It bans the use of cryptocurrencies in payment and settlement, and prohibits institutions from providing crypto-related products or exchange services between cryptocurrencies and the yuan or foreign currencies.<\/p>\n

Chris Weston, head of research at brokerage Pepperstone in Melbourne, pointed to how $9.13 billion of cryptocurrency positions had been liquidated across exchanges over 24 hours, and $532 billion in total volume transacted.<\/p>\n

“It’s too early to say if the rebound we\u2019ve seen off the lows in crypto has legs, but as we roll into Asian trade, I question if we will get a chance to catch our breath or is there more volatility in store?” he said.<\/p>\n

The slide forced some investors to close out leveraged positions in cryptocurrency derivatives, which caused prices to fall further and knocked digital assets down into a lower trading range, traders said.<\/p>\n

James Quinn, managing director at Q9 Capital, a Hong Kong-based cryptocurrency private wealth manager, said there wasn’t that much evidence of extended leverage in these cryptos and that the selling reflected huge crowded positions in ether.<\/p>\n

Ether was up six-fold until the selloff, stealing a march over bitcoin this year after being widely used in non-fungible tokens on digital art platforms.<\/p>\n

“To me, this is just as much of a spot led selloff as it is a reflection of people de-leveraging futures and swaps products,” Quinn said.<\/p>\n

“Sometimes a market event is looking for a cause. I think this is about positioning. Over the long term, maybe it\u2019s positive because a very crowded trade from a lot of new entrants means there are a lot of new entrants.\u201d<\/p>\n

Bitcoin may fall a little further but is likely to stabilise around $30,000, said Justin d’Anethan, head of exchange sales at Diginex, a Singapore-based digital asset market.<\/p>\n

Digital assets have been on a wild ride this year as a growing number of retail and institutional investors bet that bitcoin and other crypto currencies will gain mainstream acceptance, but large price swings are common. Bitcoin is up 27% so far this year, and intra-day volatility has spiked to near 300% this week.<\/p>\n

Technical factors appeared to have played a part in bitcoin’s decline appeared to accelerate once it fell below its 200-day moving average, a chart position which traders follow.<\/p>\n

Amid the volatility, cryptocurrency trading platforms Coinbase and Binance said they were investigating or experiencing some service issues. Shares in Coinbase COIN.O dropped 5.9% on Wednesday. (Full Story) (Full Story)<\/p>\n

Prominent crypto backers such as MicroStrategy Inc’s CEO Michael Saylor, Ark Invest’s Chief Executive Cathie Wood and Musk indicated their support for bitcoin as it plunged on Wednesday.<\/p>\n

While some retail traders saw missed opportunities in the slide, others saw the rout as a chance to pick up digital assets on the cheap.<\/p>\n

“Bitcoin broke down technically,” said Michael Oliveri, an independent New York-based equity trader who was formerly a partner at First New York Securities.<\/p>\n

“It was an easy short setup actually. I\u2019m annoyed I didn\u2019t short it. I wouldn\u2019t chase it now.”<\/p>\n

Milko Markov, an independent London-based trader, said he had been buying ether.<\/p>\n

“Those with a bit more experience in the crypto market know two cardinal rules: don’t leverage and dollar cost average,” he said.<\/p>\n

Reuters<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. By Stanley White and Vidya Ranganathan Tokyo – Bitcoin recovered marginally on Thursday from the previous session’s brutal slide to four-month lows but was weighed down by concerns over tighter regulation in China and unease over massive leveraged positions in the cryptocurrency world. Bitcoin, the biggest and most popular cryptocurrency , rose […]<\/p>\n","protected":false},"author":84,"featured_media":10708,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,9],"tags":[274,315,275],"class_list":["post-10709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-miscellaneous","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nBitcoin struggles to recover as concern mounts over tighter regulation - South Africa<\/title>\n<meta name=\"description\" content=\"By Stanley White and Vidya Ranganathan Tokyo - Bitcoin recovered marginally on Thursday from the previous session's bru ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/bitcoin-struggles-to-recover-as-concern-mounts-over-tighter-regulation\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin struggles to recover as concern mounts over tighter regulation\" \/>\n<meta property=\"og:description\" content=\"By Stanley White and Vidya Ranganathan Tokyo - 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