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Shanghai Auntie (02589.HK) fell 11.5%, with its share price at HK$127.8 and its issue price at HK$113.12.May 12, preliminary data released by the Ministry of Finance of Japan on Monday showed that in April, proxy investment institutions of Japanese pension funds bought a record number of foreign stocks: the net amount of foreign stocks purchased through bank trust accounts reached 2.76 trillion yen (about 18.9 billion US dollars). Affected by the intensification of trade tensions, the MSCI global market index fell more than 7% in the first week of April. The yen, as a safe-haven asset, appreciated significantly during this period. Jumpei Tanaka, head of investment strategy at Swiss Pictet Asset Management, said that the stock market fell sharply in April and the yen exchange rate rose, and many investors saw this as an opportunity to buy on dips. Another set of data showed that in March this year, Japanese investors bought a net 2.12 trillion yen of U.S. stocks, setting a record high since comparable data was available in 2005. The S&P 500 fell 6.1% in yen that month, the biggest drop since December 2022.Japanese Chief Cabinet Secretary Yoshimasa Hayashi: Welcomes the ceasefire between India and Pakistan.Hong Kong-listed auto stocks continued to rise, with Xpeng Motors (09868.HK) rising more than 5%, NIO (09866.HK) rising 4.4%, and Li Auto (02015.HK) rising more than 2%.According to the European-Mediterranean Seismological Center, a 5.5-magnitude earthquake occurred in Sucre, northern Venezuela, at 20:41 local time on May 11, with a focal depth of 26 kilometers. No casualties or property losses have been reported so far.

Is Bitcoin Developing a Reversal Similar to Stocks?

Daniel Rogers

May 30, 2022 16:56

Bitcoin, Alternatives to Bitcoin, and Indicators 

Bitcoin has decreased by 2.5% over the past week, closing near $29,200. Ethereum lost 10.6%, while other prominent altcoins in the top ten plummeted between 1% (Polkadot) and 14.8%. (Solana). According to CoinMarketCap, the entire market capitalization for cryptocurrencies decreased by 2.4% during the past week to $1.26 trillion. The Bitcoin dominance index increased by 1.3 points to 44.9 percent over the same time period due to the first cryptocurrency's improved performance.

 

By Monday, the cryptocurrency fear and greed index had decreased to 10 points. However, this decline does not account for Monday's early-morning market performance. Bitcoin has finished lower for eight consecutive weeks, representing the longest selling streak in the history of the first cryptocurrency. However, the dips over the past two weeks have been fairly tentative.

 

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Analysis of Bitcoin Technical Data

BTCUSD again broke the $30,000 threshold on Monday morning and returned to last week's highs, breaking over the downside resistance line in a robust surge. It is premature to discuss a bullish counteroffensive until Bitcoin breaks above its horizontal resistance line since mid-May, which is $30.6K. Renewed risk appetite on the global markets fuels optimism for a comeback. The dynamics of equities and cryptocurrencies diverged significantly last week, illustrating the crypto market's weakness.

Bitcoin as a Potential Investment

As institutional players have entered the market in recent years and enhanced market liquidity, Dan Held, director of business development at crypto exchange Kraken, feels the current crypto crisis is not as bad as past ones. We would add that, due to the increased crypto market capacity, the bull cycle of 2021 has not witnessed as big of a spike as it did in 2013 and 2017, which explains the relatively low 'winter' losses. Michael Saylor, the CEO of MicroStrategy, stated he will always purchase bitcoin.

 

According to him, Bitcoin is the most stable asset in the current chaotic global economy. Bill Miller, the head of the investment firm Miller Value Partners, referred to bitcoin as an efficient method for gaining access to financial services regardless of military or economic conditions.

 

According to Deutsche Bank, regulation of cryptocurrencies would alleviate the turmoil on the crypto market.