POKKET: Crypto Market Update (June 23)
Lots of emotions flaring as Bitcoin price broke $30k overnight but has rebounded back to $33800, +3% in 24hrs. ETH looks flat at $1950 despite going through the same rollercoaster, though there was a large bid in the late-afternoon. Movers are ADX -21%, ALPHA POLY -18%, BZRX -17%, INJ -16%, STMX TRU FIS -15% with the rest following mostly lower. Best performer on the day is MKR, +7%. DOGE looks flat at 18 pennies.
MicroStrategy’s most recent bond issue (due 2028) drops 2pts below par, while the stock dropped -4% as BTC cratered. Market participants are digesting the Chinese FUD which seems to be a more serious threat this time around, as miners shutter, banks enforce heavier DD, social media accounts blacked out and PBOC reiterating its stance set all the way back in 2013 – perhaps they are gearing up for the CBDC.
Many critics point to Google and Facebook as examples of companies which thrived despite the ban in China, although its hard to ignore Microsoft’s success in the country, and most recent example of Tesla which has the market cap it has thanks to China gigafactory.
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