Bitcoin will eventually crash

It can last from two to three years. Other cryptocurrency analysts believe that the latest market rally is different to previous ones, and therefore will not necessarily end in the same way. Meanwhile, the backdrop of increasing institutional investment and retail adoption continues to gather strength, representing powerful facts on the ground. There are numerous factors that could hinder this trajectory, however, with Mr Cohen warning that increased mainstream attention from rising prices could attract scrutiny from regulators in the US and Asia.

Incoming Treasury Secretary Janet Yellen previously referred to bitcoin as a highly speculative asset and not a stable store of value. Join thought-provoking conversations, follow other Independent readers and see their replies. Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.

Please enter your email address Please enter a valid email address Please enter a valid email address. I would like to be emailed about offers, events and updates from The Independent. The post Bitcoin Is Going to Crash. The mammoth cargo ship marooned in the Suez Canal has the potential to inflict damage on a global economy still recovering from the COVID pandemic. Bloomberg -- As the global economy picks up speed, investors are dusting off the Canada playbook.

Covid vaccinations are gaining momentum and fiscal support is helping the growth outlook, lifting bond yields. Global investors have overlooked Canada for years in favor of countries with greater choice in high-growth technology stocks, primarily the U. Canadian equity exposure is also increasing, according to Bank of Nova Scotia analysts.

Bitcoin Crash 2021: What Next?

They say the valuation gap with U. Financials are nearly one-third of the benchmark; rising rates and an improving economy help insurers such as Manulife Financial Corp. The first decade of this century was better for emerging markets such as Brazil and commodities-driven developed countries including Canada.

Following is a list of company earnings scheduled for release March April 2, along with an earnings preview for select companies. Bloomberg -- Nomura Holdings Inc. The Tokyo-based firm also canceled plans to sell dollar-denominated bonds. While the Nikkei newspaper reported that the losses arose at its U. Nomura said the estimate of the claim against the client may change depending on unwinding of the transactions and market price fluctuations. It will continue to take steps to address the issue and make a further disclosure once the impact of the potential loss has been determined.

Updates with Nikkei report in the fourth paragraph For more articles like this, please visit us at bloomberg. Bloomberg -- Goldman Sachs Group Inc. S, according to an email to clients seen by Bloomberg News. More of the unregistered stock offerings were said to be managed by Morgan Stanley, according to people familiar with the matter, on behalf of one or more undisclosed shareholders.

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Wall Street is now collectively speculating on the identity of the mysterious seller or sellers. The liquidation triggered price swings for every stock involved in the high-volume transactions, rattling traders and prompting talk that a hedge fund or family office was in trouble and being forced to sell. CNBC reported forced sales by Archegos were probably related to margin calls on heavily leveraged positions. Maeve DuVally, a Goldman Sachs spokeswoman, declined to comment.

A spokesperson for Morgan Stanley declined to comment.

Bitcoin is a vehicle for speculators

Price SwingsIn block trades, large volumes of securities are privately negotiated between parties, usually outside of open market. The peers later recovered after traders said word of the offerings lessened fears that a broader trade was unfolding throughout the sector. That late rebound pushed up an index of companies engaged in internet-related businesses in China and the U. For more articles like this, please visit us at bloomberg.

But on Monday, when Abu Dhabi begins selling futures contracts for its oil and then shipping the barrels from Fujairah, it will mark an aggressive shift by the emirate. Investors globally are clamoring for commodities because of their high yields relative to other assets and to protect themselves against any rise in inflation. Creating a new benchmark will hardly be easy. Oil traders dislike change, especially when they believe markets already do a good job matching supply and demand. It was forced to shelve the plan indefinitely. Murban will also face competition regionally.

Platts publishes price assessments for Dubai oil and the Dubai Mercantile Exchange trades futures for Omani crude. Both act as benchmarks for Middle Eastern shipments to Asia. Abu Dhabi says the combination of high supply, easy access to oil-consuming markets from Fujairah and the absence of trading restrictions will attract plenty of buyers to its exchange.

The futures platform will be run by Atlanta-based Intercontinental Exchange Inc. The Murban exchange and the capacity boost could raise tension within the Organization of Petroleum Exporting Countries, according to Hari of Vanda Insights. The Gulf states dominate the cartel and tend to prize unity. They also began unprecedented production cuts last year to bolster prices as the coronavirus pandemic spread.

While some of the stocks targeted in the block trades initiated by Goldman Sachs Group Inc. They posted their biggest daily losses ever. Morgan Stanley was shopping a large block of ViacomCBS shares on Sunday, according to a person familiar with the matter.

Bitcoin Will Crash…

About 45 million shares were offered on behalf of an undisclosed holder, the person said. Futures on the Nasdaq dropped 0. Huge RalliesThe possibility of additional block trades still looms over the market, while the traditional end-of-quarter volatility may contribute to sharper swings on high-flying stocks. ViacomCBS and Discovery have rallied this year. The stock fell 9.

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On Friday, a downgrade by Wells Fargo and the large block trades compounded the selling pressure. Production constraints elsewhere in the world had seen prices for many commodities gain momentum in the early part of , the department said. Price gains are likely to moderate, leading to a modest decline in resources earnings in fiscal , although growth in demand for the materials vital to the clean energy transition is seen buoying the industry out to and beyond.

A survey shows rates are higher for a sixth week, but they might already be pausing. Items that protect you from the virus are medical expenses, the tax agency says. Bloomberg -- Philippine central bank Deputy Governor Mamerto Tangonan has long wanted to make electronic money so ubiquitous that one could pay at a street stall via mobile phone.

Digital payments are widespread in parts of Asia, particularly in China, and have surged globally amid the pandemic. One strategy could be a national payments system based on QR codes that could be used in businesses ranging from family-run convenience stores to utility companies. A unified, national bill-settlement facility is also in the works this year, Tangonan said. But widespread adoption and usage has been slow, it said. The central bank is undertaking an aggressive social-media campaign to address this. More than half of Filipino adults have a smartphone, and nearly all are active on Facebook, Tangonan said.

The World Bank estimates Filipinos spend 10 hours a day on the Internet, the most worldwide, including nearly four hours on social media. The bank had pushed to open up access to satellite services for Internet providers, a proposal recently approved by President Rodrigo Duterte. Government efforts to boost digital payments are a boon to local e-wallet operators such as GCash -- a partnership between Globe Telecom Inc. While use of digital payments has surged during the pandemic, Tangonan wants it to become much more commonplace.

Goldman even emailed clients late Friday to inform them that it had in fact been one of the banks selling.

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Efforts to reach Hwang and his associates at Archegos were unsuccessful. In , he pleaded guilty on behalf of his firm, Tiger Asia Management, to U. Back in , Goldman was wrestling with the reputation damage from the 1MDB scandal in Malaysia as well as still trying to restore its name after the financial crisis.

Force of its OwnAt some point in the past two-and-a-half years, the firm changed its mind about Hwang. One possibility: The firm decided that, after a decade since his illegal trades, Hwang had spent enough time in the penalty box. Archegos had also become a force of its own, a family office that was bigger than many hedge funds.

The Fall of Bitcoin - Will Bitcoin Crash?

By Friday morning, some banks had started exercising the right to declare him in default and liquidate his positions to recover their capital, according to people familiar with that situation. Others swiftly followed. That triggered a mad dash to sell shares in huge blocks as one bank after another scrambled to avoid losses on stocks that soon would be plummeting in value.

Mortgage rates were on the rise once more last week. The upward trend in rates and home prices is beginning to take effect on refinancing and demand. Shares of ICBC rose 1. With the virus largely contained, policy makers have renewed a campaign to contain risks, easing stimulus and propelling interest rates higher. They also expect bank shares to outperform in the second to third quarters. Appetite for Chinese bank stocks, long regarded as perennial laggards, is growing as investors hunt for cheaper parts of the market to escape stimulus-fueled valuations. ICBC changed hands at 0. China International Capital Corp.

Expectations that Beijing will ease up on requiring that lenders support pandemic-hit firms, coupled with the prospect of rising interest rates, are seen bolstering earnings.