Bitcoin slide continues dragging down all proxies like Coinbase
Coinbase (COIN) one of the big losers on Wall Street, all-sessions as the slide in Bitcoin continues.
The FT reports that the sell-off coincided with a report in The Wall Street Journal stating that Elon Musk's privately held SpaceX venture had written down the value of its Bitcoin holdings by $373 million in the past two years and had sold the cryptocurrency. Digital asset traders have kept close tabs on Musk since 2021's exposure to cryptocurrencies when his electric car company Tesla briefly accepted payments in Bitcoin.
(Video Transcript)
Coinbase
Coinbase has been one of the big losers over the last few days, all sessions on the IG platform, it comes as the slide in Bitcoin continues. I want to show you what's happening with Bitcoin first of all. Now Bitcoin is excluded from a number of people that trade this because of the regulations around the cryptocurrency market.
Bitcoin
But there are ways of trading this and I'll show you that on Coinbase in just a moment. I want to show you this what's happened with Bitcoin first of all. The FT reports that the sell-off coincided with a report in the Wall Street Journal stating that Elon Musk's privately held SpaceX venture had written down the value of its Bitcoin holdings by $373 million in the past two days and had sold the cryptocurrency. Digital asset traders have kept close tabs on Musk since the 2021 exposure to cryptocurrencies when his electric car company Tesla briefly accepted payments in Bitcoin.
This is Bitcoin showing us that we're just below the 76.4% retracement before recovery yesterday but it looks like with another red candle today we're going to have another tilter getting below that. In fact it has happened already today. I can see where things end up but if there is a total retracement of this mark here we're currently trading at $26,550. That would as a total retracement take us down to this line of support established back on the 15th of June this year down at $24,793.
Cryptocurrency exchange
As I said this is excluded for a number of people on the IG platform because of the regulations by the central authorities. So the way to get in touch with this sort of drop on cryptocurrencies is to look at the likes of Coinbase, the world's largest publicly listed cryptocurrency exchange, down heavily in yesterday's session again down 5.2% yesterday after big declines over the last couple of weeks or so because of that drop in Bitcoin and other cryptocurrencies.
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