Bloomberg: The collapse of cryptocurrencies is far from being over

28 November 2022 101
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Source: Bloomberg

Authors: Suvashree Ghosh and Akshay Chinchalkar

Article: Original article

Date of publication: Monday, November 28, 2022.

 

In fact, a cryptocurrency crash is far from being over, as Mark Mobius, an experienced fund manager, said. 


Bitcoin's next target stands at $10,000. This is reported by the co-founder of Mobius Capital Partners LLP during his interview in Singapore. He added that he wouldn't invest either his own or his customers' funds in digital assets since they are way too risky.

 

“But crypto is here to stay as there are several investors who still have faith in it,” stated Mobius, being with Franklin Templeton Investments for more than three decades. “It’s amazing how Bitcoin prices have held up”, although the FTX crashed. 


The digital-asset market has been hit by the bankruptcy of Sam Bankman-Fried's FTX exchange and subsidiary trading firm Alameda Research. Investors are worried by the issues emerging of more crypto-companies.


Option data released by Deribit reveal a significant amount of outstanding bitcoin put contracts, i.e. open interest. Their strike price of $10,000 is set for late December. The concentration of option bets implies that derivative investors expect this level to be tested.


Forecast:

BTC/USD is expected to continue its decline

This content is for informational purposes only and is not intended to be investing advice.

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Denis_Shavkun
Denis_Shavkun

Listed among the best MarketCheese authors
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2nd in the segment "Oil and gas"
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