The Magazine for Asian Investors
This morning (May 17), the price of bitcoin fell 3.50%, moving at $29,986.51.
The Bitcoin price moved into negative territory this morning. This came after the Dow closed with a narrow gain of 26 points as investors worried about Chinese economic data.
U.S. equity markets closed directionless Monday (May 16), with the Dow Jones Industrial Average closing in a narrow range. The S&P 500 fell in lockstep with Tesla and other growth stocks after China released negative economic data. This added to concerns about the global economic slowdown.
- Dow Jones Industrial Index increased 26.76 points or 0.08% to close at 32,223.42 points
- The S&P 500 index fell 15.88 points, or 0.39%, to close at 4008.01 points.
- The Nasdaq index fell 142.21 points, or 1.20%, to close at 11,662.79.
Movements in the Crypto Space
Mike Novogratz’s Galaxy Digital Company loses more than $300 million to bitcoin price drop.
Crypto investment and financial services firm Galaxy Digital Holdings suffered a revenue loss of more than $300 million in the second quarter of 2022 due to market fears.
After deducting gains and losses, total losses were estimated at $2.2 billion, a 12% decrease from March 2022.
In the current market conditions, cryptocurrency income losses are inevitable. This was due to the $25,000 drop in Bitcoin’s price, which caused more and more people to flee the market. It was also impacted by the demise of Project Terra, which weakened the belief in stablecoins and the DeFi world.
The Spot Market is Open
Tuesday, May 17, 2022