Global Business Week: Visualizing Bitcoin’s historical corrections

WEEKLY BUSINESS ROUNDUP

The state of Financial markets & Economies, Weekly Charts, Business Trends & Statistics

Major U.S market averages closed mixed for the week after Nasdaq and S&P were not able to hold onto the earlier gains on Friday. The Dow closed 0.37% higher, but still negative for the week, while the S&P 500 posted its second weekly decline for the first time since February. Tech stocks couldn’t hold Thursday’s gains, with the Nasdaq closing lower on the day but higher for the week, breaking a four-week losing streak. Volatility was tamer on Friday, but the temperature has been rising across the options and equity markets all month. The 10-year Treasury yield ended the week roughly where it began at 1.63%, but it was an eventful roundtrip, with the yield topping 1.69% after the latest Fed minutes showed some members looking to discuss reducing asset purchases at upcoming meetings.

Despite the remarkable bout of volatility in capital markets this past week, it did nothing to define a clear path for market participants. The Greenback remained under pressure for the most part of last week, only finding some reprieve to end the week. However, the Friday rally did not break the indecision that has kept the Greenback in the congestion zone and a broader descending trend channel. To the topside, we have the channel resistance and 20-day moving average at 90.50. The 89.70 level is the immediate support, but the real weight is the multi-year support (back to 2014) that falls around 89.25.

It was a rough week for the digital assets, to say the least, with Chinese authorities intensifying calls for a crackdown on mining and crypto trading. While others still blame Musk for his infamous tweet on not accepting Bitcoin for Tesla purchases — citing environmental concerns. I believe finding a catalyst for every crypto move is a little non-sensical since Cryptoverse is generally a volatile environment. The bull case scenario suggests that is a great opportunity to buy the dip, while the bears are yet again sticking to their age-old argument that volatility makes cryptos an unreliable store of value. The decision is yours. Bitcoin trading above $38k while Ethereum is hovering around $2350 at the time of writing.

Talking about volatility and massive corrections in Bitcoin, today’s featured infographic (above) highlights just that. While bitcoin has been one of the world’s best-performing assets over the past 10 years, the cryptocurrency has had its fair share of volatility and price corrections. Using data from CoinMarketCap, the chart looks at bitcoin’s historical price corrections from all-time highs. I rest my case about volatility being a permanent feature in Cryptos.

And finally, before moving on to some other statistics, here are the weekly & YTD numbers from various markets and different assets (Figure 1).

Source: https://medium.com/technicity/global-business-week-visualizing-bitcoins-historical-corrections-b6fe640056c6?source=rss——-8—————–cryptocurrency