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Bitcoin down for third day as caution washes over global markets

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A bout of jitters in global markets over deepening US-China tensions weighed on cryptocurrencies, pushing Bitcoin lower for a third day.

The largest digital token fell 1.6 percent to $22,769 on Tuesday, trading at $22,860 in Tokyo as of 2:57 p.m. Ether lost 3.7 percent at one point, while smaller coins from Polkadot to Cardano were also down.

US House Speaker Nancy Pelosi will land in Taiwan on Tuesday and would be the highest-ranking American politician to visit in 25 years. China considers the island its territory and has warned of consequences if the trip goes through. The risk of escalation prompted investors to sell off equities and US stock futures.

Before the latest swings, Bitcoin made a weekend run towards $25,000 on its way to rounding out its best monthly gain since October of last year. The rise has emboldened the rear view mirror’s view of the worst of this year’s crypto routine – Bitcoin is down about 51 percent.

Bets on the options markets suggest speculators see $25,000 as the upper limit for Bitcoin and $20,000 as the lower limit. This is due to a high number of outstanding call and put contracts — known as open interest — at those respective strike prices, according to data compiled by Coinglass.

For Craig Erlam, senior market analyst at Oanda, Bitcoin’s rally over the past month had “all the feel of a bear market rally, like what we might see in stock markets.”

“That doesn’t mean it doesn’t have to keep going,” he wrote in a note.

https://www.independent.ie/business/world/bitcoin-down-for-third-day-as-caution-washes-over-global-markets-41883766.html Bitcoin down for third day as caution washes over global markets

Fry Electronics Team

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