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Bitcoin set for record losing streak as 'stablecoin' collapse crushes crypto

SINGAPORE/HONG KONG (Reuters) -Cryptocurrencies nursed large losses on Friday, with bitcoin trading near $30,000 and set for a record losing streak as the collapse of TerraUSD, a...
Bitcoin set for record losing streak as 'stablecoin' collapse crushes crypto © Reuters. FILE PHOTO: Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018. REUTERS/Dado Ruvic/Illustration

SINGAPORE/HONG KONG (Reuters) -Cryptocurrencies nursed large losses on Friday, with bitcoin trading near $30,000 and set for a record losing streak as the collapse of TerraUSD, a so-called stablecoin, rippled through markets.

Crypto assets have also been swept up in broad selling of risky investments on worries about high inflation and rising interest rates. Sentiment is particularly fragile, as tokens supposed to be pegged to the dollar have faltered.

Bitcoin, the largest cryptocurrency by total market value, managed to bounce in the Asia session and traded at $30,300 at 0623 GMT, up 5%. It has staged something of a recovery from a 16-month low of around $25,400 reached on Thursday.

But it remains far below week-ago levels of around $40,000 and, unless there is a rebound in weekend trade, is headed for a record seventh consecutive weekly loss.

"I don't think the worst is over," said Scottie Siu, investment director of Axion Global Asset Management, a Hong Kong based firm that runs a crypto index fund.

"I think there is more downside in the coming days. I think what we need to see is the open interest collapse a lot more, so the speculators are really out of it, and that's when I think the market will stabilize."

TerraUSD (USDT) broke its 1:1 peg to the dollar this week, as its mechanism for remaining stable, using another digital token, failed under selling pressure. It last traded near 10 cents.

Tether, the biggest stablecoin and one whose developers say is backed by dollar assets, has also come under pressure and fell to 95 cents on Thursday, according to CoinMarketCap data, but was back at one dollar on Friday.

UNSTABLE

Selling has roughly halved the global market value of cryptocurrencies since November, but the drawdown has turned to panic in recent sessions with the squeeze on stablecoins.

These are tokens pegged to the value of traditional assets, often the U.S. dollar, and are the main medium for moving money between cryptocurrencies or to convert balances to fiat cash.

"Over half of all bitcoin and ether traded on exchanges are versus a stablecoin, with USDT or Tether taking the largest share," analysts at Morgan Stanley (NYSE:MS) said in a research note.

"For these types of stablecoins, the market needs to trust that the issuer holds sufficient liquid assets they would be able to sell in times of market stress."

Tether's operating company says it has the necessary assets in Treasuries, cash, corporate bonds and other money-market products.

But Tether is likely to face further tests if traders keep selling, and analysts are concerned that stress could spill over into money markets if pressure forces more and more liquidation.

Ether, the second-largest cryptocurrency by market capitalisation, steadied near $2,000 on Friday after a drop as low as $1,700 on Thursday. Bitcoin and ether are about 60% below record peaks reached in November.

Crypto-related stocks have also copped a pounding, with shares in broker Coinbase (NASDAQ:COIN) steadying overnight but still down by half in little more than a week.

In Asia, Hong Kong-listed Huobi Technology and BC Technology Group, which operate trading platforms and other crypto services, eyed weekly drops of more than 17%.

Amid the turmoil, Nomura on Friday said it had begun offering bitcoin derivatives to clients, the latest move by a traditional financial institution into the asset class.

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23-05-2022 09:19:01 (UTC+7)

EUR/USD

1.0590

+0.0031 (+0.29%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (0)

EUR/USD

1.0590

+0.0031 (+0.29%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (0)

GBP/USD

1.2536

+0.0050 (+0.40%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

USD/JPY

127.21

-0.64 (-0.50%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

AUD/USD

0.7083

+0.0050 (+0.71%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (3)

Sell (2)

USD/CAD

1.2811

-0.0025 (-0.19%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (3)

EUR/JPY

134.72

-0.29 (-0.21%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

EUR/CHF

1.0287

-0.0009 (-0.09%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Gold Futures

1,851.25

+9.15 (+0.50%)

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↑ Buy

Moving Avg:

Buy (12)

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Buy (8)

Sell (0)

Silver Futures

21.852

+0.178 (+0.82%)

Summary

Neutral

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (3)

Sell (2)

Copper Futures

4.2975

-0.0067 (-0.16%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Crude Oil WTI Futures

110.69

+0.41 (+0.37%)

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↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (9)

Brent Oil Futures

110.50

+0.51 (+0.46%)

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↑ Sell

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Buy (1)

Sell (11)

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Buy (2)

Sell (6)

Natural Gas Futures

8.176

-0.224 (-2.67%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

US Coffee C Futures

216.48

-2.22 (-1.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

Euro Stoxx 50

3,657.03

+16.48 (+0.45%)

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↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (9)

Sell (1)

S&P 500

3,901.36

+0.57 (+0.01%)

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↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

DAX

13,981.91

+99.61 (+0.72%)

Summary

Buy

Moving Avg:

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Sell (6)

Indicators:

Buy (8)

Sell (0)

FTSE 100

7,389.98

+87.24 (+1.19%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (7)

Sell (2)

Hang Seng

20,416.50

-300.74 (-1.45%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

US Small Cap 2000

1,773.27

-2.96 (-0.17%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (7)

Sell (1)

IBEX 35

8,484.50

+78.50 (+0.93%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (5)

Sell (2)

BASF SE NA O.N.

48.850

-0.010 (-0.02%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (1)

Bayer AG NA

63.74

+0.34 (+0.54%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

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Buy (6)

Sell (2)

Allianz SE VNA O.N.

195.58

+0.78 (+0.40%)

Summary

Buy

Moving Avg:

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Sell (0)

Adidas AG

172.80

+0.92 (+0.54%)

Summary

Buy

Moving Avg:

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Sell (6)

Indicators:

Buy (7)

Sell (1)

Deutsche Lufthansa AG

6.852

+0.049 (+0.72%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

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Buy (2)

Sell (5)

Siemens AG Class N

115.08

+2.62 (+2.33%)

Summary

Neutral

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Sell (9)

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Buy (4)

Sell (4)

Deutsche Bank AG

9.362

-0.130 (-1.37%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (8)

Sell (1)

 EUR/USD1.0590↑ Buy
 GBP/USD1.2536↑ Buy
 USD/JPY127.21↑ Sell
 AUD/USD0.7083Neutral
 USD/CAD1.2811↑ Buy
 EUR/JPY134.72↑ Sell
 EUR/CHF1.0287↑ Sell
 Gold1,851.25↑ Buy
 Silver21.852Neutral
 Copper4.2975↑ Sell
 Crude Oil WTI110.69↑ Sell
 Brent Oil110.50↑ Sell
 Natural Gas8.176↑ Buy
 US Coffee C216.48↑ Buy
 Euro Stoxx 503,657.03↑ Buy
 S&P 5003,901.36↑ Buy
 DAX13,981.91Buy
 FTSE 1007,389.98Neutral
 Hang Seng20,416.50↑ Sell
 Small Cap 20001,773.27↑ Buy
 IBEX 358,484.50Neutral
 BASF48.850Buy
 Bayer63.74Buy
 Allianz195.58Buy
 Adidas172.80Buy
 Lufthansa6.852↑ Sell
 Siemens AG115.08Neutral
 Deutsche Bank AG9.362Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,880/ 6,980
(5/ 5) # 1,776
SJC HCM6,895/ 6,985
(0/ 0) # 1,781
SJC Hanoi6,895/ 6,987
(0/ 0) # 1,783
SJC Danang6,895/ 6,987
(0/ 0) # 1,783
SJC Nhatrang6,895/ 6,987
(0/ 0) # 1,783
SJC Cantho6,895/ 6,987
(0/ 0) # 1,783
Cập nhật 23-05-2022 09:19:04
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ↀ Giá vàng thế giới
$1,851.14+4.460.24%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V30.58031.190
RON 95-III29.98030.570
E5 RON 92-II28.95029.520
DO 0.05S26.65027.180
DO 0,001S-V27.45027.990
Dầu hỏa 2-K25.16025.660
ↂ Giá dầu thô thế giới
WTI$110.29-0.59-0.53%
Brent$111.12-0.58-0.52%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.005,0023.315,00
EUR23.899,8625.238,69
GBP28.277,1029.483,51
JPY176,47186,83
KRW15,8019,25
Cập nhật lúc 09:11:40 23/05/2022
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