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Bitcoin Drops 10% After Sell-Offs

Bitcoin (BTC) fell over 10% from a new all-time high as a wave of sell orders on cryptocurrency exchanges dampened the momentum, causing it to dip below $60,000 momentarily.

On Tuesday BTC peaked at $69,208 at 15:04 UTC on the CoinDesk Bitcoin Index (XBX) and then shortly after tumbled to a low of $59,700. The decline is blamed on large sell orders — including over 300 BTC valued at around $20 million at $69,000 and more than 500 BTC at $70,000 on Binance.

You can read more on the matter here.

What’s going on?

• AI Predicted To Widen Income Inequality, IMF Paper Says (theDeepDive)

• Nikki Haley ends White House bid, clearing path for a Trump-Biden rematch (Reuters)

• People ‘Need a Break’: Doug Ford Calls for Interest Rate Cuts (theDeepDive)

• Bank of Canada Holds Rate at 5%, Says Too Early to Talk Cuts (Bloomberg)

• Egypt hikes interest rates by 600 basis points, pound crumbles to record low (CNBC)

• Cameco CFO Clears The Air With “Four Really Important Facts” (theDeepDive)

• China Defends 5% Growth Target, Hints at Liquidity Boost (Bloomberg)

• China Coast Guard Harasses Philippine Vessels in West Philippine Sea, Resulting In Collision, Minor Injuries (theDeepDive)

• Japan's Biggest Bank Sets Trading Strategy for BOJ Pivot This Month (Bloomberg)

• Cannabis Rescheduling Won’t Come Before April (theDeepDive)

• Weekly mortgage demand surges 11% as more homes hit the spring market (CNBC)

• US Northeast Gasoline Reserve To Be Sold Off (theDeepDive)

• Gold Hits Fresh High After Powell Says Rate Cut Likely This Year (Bloomberg)

What’s the latest?

• rump 2024: Nikki Haley, the first major candidate to challenge Donald Trump for the 2024 Republican presidential nomination, announced the suspension of her campaign after losing most of this year's nominating contests. The former South Carolina governor and Trump's first UN ambassador, Haley did not immediately endorse Trump but urged him to earn the support of her Republican and independent backers. She vowed to continue advocating for conservative policies and warned against isolationism and fiscal indiscipline.

• Super Tuesday: Donald Trump secured victories in 14 out of 15 states, including California and Texas, during the Republican primaries on Super Tuesday. With over a third of the Republican delegates at stake, Trump's dominant performance positions him for his third consecutive presidential nomination, despite facing numerous criminal charges. As the results came in, Trump and Joe Biden, his likely opponent, shifted their attention to each other. In his victory speech at Mar-a-Lago, Florida, Trump criticized Biden's immigration policies and labeled him the "worst president" in history.

• Billionaire Battle: OpenAI has refuted Elon Musk's claims that it has strayed from its mission to develop AI for humanity's benefit. The company intends to dismiss Musk's lawsuit, which accuses it of prioritizing profit over its original goals. Musk, who co-founded OpenAI, allegedly sought a merger with Tesla and proposed the AI startup become a "cash cow" for the electric vehicle maker. Despite agreeing in 2017 to form a for-profit entity to fund AI research, OpenAI and Musk disagreed on the terms

• Bank of Canada: The Bank of Canada has maintained its overnight rate at 5%, as expected, due to ongoing inflation concerns. Governor Tiff Macklem stated it's too soon to consider rate cuts, emphasizing the need for higher rates to have more time to impact the economy. Following the announcement, the likelihood of an April rate cut dropped, with markets now expecting a cut by July. Macklem also did not rule out future rate hikes, highlighting the bank's focus on controlling persistent inflation.

• Gold: Gold reached a new record high on Wednesday, fueled by expectations of U.S. monetary policy easing. The price of spot gold rose by 0.6% to $2,139.39 per ounce, reaching an all-time peak of $2,148.99 earlier in the day. U.S. gold futures also increased by 0.3% to $2,147.60. The surge in gold prices was further boosted by a decline in the dollar, following Federal Reserve Chair Jerome Powell's indication of a potential rate cut later in the year.

The future for EV mass adoption

The stock market and stuff

• Franco-Nevada Q4 2023 Financials Take A Hit Due To Cobre Panama (theDeepDive)

• Apollo Has Expressed Interest in Exploring a Bid for TripAdvisor (BNN)

• Tesla falls after Morgan Stanley warns the bear case is in play (SA)

• MicroStrategy: Is Raising $600 Million To Buy Bitcoin The Right Move? (theDeepDive)

In the juniors

• Hut 8 Closes Drumheller Mining Facility Despite Bitcoin Price Momentum (theDeepDive)

• Foot Locker shares plunge more than 20% as retailer posts holiday loss, delays key financial target (CNBC)

• Collective Mining Reports Discovery Of New High-Grade Porphyry Target (theDeepDive)

FULL DISCLOSURE: DiagnaMed Holdings is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of DiagnaMed Holdings. The author has been compensated to cover DiagnaMed Holdings on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.