Another bad week for Bitcoin could be a precursor of more pain to come, according to strategists watching the sell-off in cryptocurrencies.
Further weakness in its price may bring the $20,000 zone into view as a downside target, according to Oanda, Evercore ISI and Tallbacken Capital Advisors. Bitcoin fell about 2 per cent to $33,000 as of 11.23am in Hong Kong and is down some 10 per cent so far in June.
The largest cryptocurrency is “dangerously approaching the $30,000 level” amid growing regulatory fears in the US, and “a break of $30,000 could see a tremendous amount of momentum selling”, said Edward Moya, senior market analyst with Oanda.
Bitcoin has dropped about $32,000 from its April record, roiled by a rebuke from billionaire Elon Musk over the energy it requires as well as a renewed regulatory pressure in China. The ability of US authorities to recover a high-profile Bitcoin ransom also dented the idea that it’s beyond government control, which has been an article of faith for some of the coin’s supporters.
Evercore technical strategist Rich Ross and Tallbacken Capital Advisors’ Michael Purves have both flagged the $20,000 area as a potential key level if Bitcoin breaks much lower than where it is now.
Others, however, remain confident about the longer term outlook. For instance, Michael Saylor’s MicroStrategy boosted a junk-bond sale to $500 million from $400m to fund the purchase of more Bitcoin. MicroStrategy has emerged as one of the most bullish public companies on cryptocurrencies.
About a week after Bitcoin’s mid-April all-time high, Mr Purves had argued the bullish case looked “highly challenged”.
“How much lower can it go?” Mr Purves asked in his note on Tuesday. “The most obvious answer continues to be a complete retracement of the breakout from $20,000 – in other words, back to $20,000.”
The Saga Continues
Wu-Tang Clan
(36 Chambers / Entertainment One)
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
MATCH INFO
Manchester United 2
(Martial 30', McTominay 90 6')
Manchester City 0
Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
INDIA SQUAD
Rohit Sharma (captain), Shikhar Dhawan (vice-captain), KL Rahul, Suresh Raina, Manish Pandey, Dinesh Karthik (wicketkeeper), Deepak Hooda, Washington Sundar, Yuzvendra Chahal, Axar Patel, Vijay Shankar, Shardul Thakur, Jaydev Unadkat, Mohammad Siraj and Rishabh Pant (wicketkeeper)
'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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