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Bitcoin drops to $35.5K as 1,000 point Dow correction marks the worst trading day since 2020

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Bitcoin drops to $35.5K as 1,000 point Dow correction marks the worst trading day since 2020

BTC and ETH price imploded toward swing lows as the Dow tumbled by 1,000 points and the Nasdaq lost 5%, marking the worst trading day for stocks since 2020.

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Bitcoin drops to .5K as 1,000 point Dow correction marks the worst trading day since 2020

Global financial markets plunged into disarray on May 5 as the Dow Jones saw a 1,063 point drop and Bitcoin (BTC) price plummeted to $35,571 on Binance.

The widespread weakness comes as traders have had more time to digest the recent half-point interest rate hike by the Federal Reserve, the largest hike since 2000, which was done in an attempt to corral record high inflation.

Data from Cointelegraph Markets Pro and TradingView shows that the midday dump in the price of BTC coincided with a sell-off in the tech sector, which escalated into the close of the traditional markets. 

BTC/USDT 1-day chart. Source: TradingView

Here’s a look at what market analysts are saying about May 5’s market rout and what levels Bitcoin price could drop to in the near term.

Bears rule until $37,500 is reclaimed

BTC/USDT 1-hour chart. Source: Twitter

According to independent market analyst Michaël van de Poppe, the zone that defines bulls and bears is a close above or below $37,500.

Van de Poppe said,

“Then I’m assuming we’ll test $39,000 again as there’s a big gap in between. Under $37,500, nothing to say about bullish perspectives.”

Analysts say forget the daily and focus on the weekly

Insight into how Bitcoin is faring on the monthly chart was provided by market analyst and pseudonymous Twitter user Rekt Captial, who posted the following chart identifying $38,400 as the new resistance level for bulls.

BTC/USD 1-month chart. Source: Twitter

Rekt Capital said,

“Wouldn’t be surprised to see volatility around red throughout May. Monthly Close above red is what’s most important to confirm a reclaim of red as support.”

Related: Bitcoin price hits 10-week lows as $40K spike becomes ‘nasty bull trap’

Will whales hold the this key support level?

Data on how Bitcoin whales have been behaving during the recent market volatility was discussed by Whalemap, an on-chain data firm, which suggested that the “previous whale inflows at $46,551 were serving as an accurate resistance and a temporary mid-term top for Bitcoin’s range.”

Bitcoin large wallet inflows. Source: Twitter

Whalemap said,

“Now a similar resistance has appeared at $44,355 due to a similar sized whale wallet. This should be our mid-term resistance if BTC gets there.”

The overall cryptocurrency market cap now stands at $1.66 trillion and Bitcoin’s dominance rate is 41.5%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Swiss Watchmaker TAG Heuer Now Accepts Cryptocurrency in US

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Swiss Watchmaker TAG Heuer Now Accepts Cryptocurrency in US

Swiss Watchmaker TAG Heuer Now Accepts Cryptocurrency in US

Luxury watch manufacturer TAG Heuer announced it’s introducing online cryptocurrency payments for customers in the United States. The Swiss company provides the new payment option through a partnership with crypto payment processor Bitpay.

Tag Heuer Partners With Bitpay to Offer US Clients Bitcoin Payments

Designer and maker of luxury timepieces TAG Heuer is now accepting crypto for its high-quality products. Techniques d’Avant Garde (TAG), founded over a century and a half ago by Edouard Heuer in Switzerland, said this week that clients within the U.S. will be able to purchase its watches and accessories online with multiple coins. The company explained the move in a press release:

With an increasing number of customers using or earning digital currencies regularly, TAG Heuer intends to be a key player in the imminent transformation of the e-commerce and retail spaces.

The alternative payment method is facilitated by the crypto payment platform Bitpay. Buyers can spend a dozen cryptocurrencies, including bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), and dogecoin (DOGE), as well as five stablecoins. They will be able to pay up to $10,000 per transaction with no minimum spending requirements.

“We have been following cryptocurrency developments very closely ever since bitcoin first started trading,” TAG CEO Frédéric Arnault was quoted as stating. “As an avant-garde watchmaker with an innovative spirit, we knew TAG Heuer would adopt what promises to be a globally integrated technology in the near future despite the fluctuations,” the executive added.

Atlanta, Georgia-based Bitpay provides companies with a payment gateway service allowing businesses to integrate cryptocurrency payments on their platforms. “We are excited to see global brands such as TAG Heuer investing in the crypto space and seeking the support of Bitpay to adapt their digital platforms to the rapid transformation of e-commerce,” said Stephen Pair, co-founder and CEO of Bitpay.

A pop-up window now greets visitors on Tag Heuer’s U.S. website, informing them that the company already accepts cryptocurrency. To spend their digital coins, they will have to click ‘Bitpay’ during the checkout and select their preferred crypto.

Do you expect cryptocurrency payments to continue to spread despite the current market downturn? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bitmex Co-Founder Arthur Hayes Avoids Prison for Violating US Bank Secrecy Act

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Bitmex Co-Founder Arthur Hayes Avoids Prison for Violating US Bank Secrecy Act

Bitmex Co-Founder Arthur Hayes Avoids Prison for Violating US Bank Secrecy Act

Bitmex co-founder Arthur Hayes is not going to prison for violating the U.S. Bank Secrecy Act. Instead, the former crypto exchange CEO has been sentenced to “six months of home detention and two years of probation.” Hayes has agreed to pay a fine of $10 million.

Bitmex’s Arthur Hayes Sentenced

The U.S. Department of Justice (DOJ) announced Friday that the founder and former CEO of cryptocurrency derivatives exchange Bitmex has been sentenced for violating the Bank Secrecy Act (BSA). Hayes pleaded guilty to violating the Bank Secrecy Act in February.

The DOJ states:

Hayes, 36, of Miami, Florida, was sentenced to six months of home detention and two years of probation. Hayes also agreed to pay a fine of $10 million dollars representing his pecuniary gain from the offense.

U.S. Attorney Damian Williams explained that while building a cryptocurrency trading platform “that profited him millions of dollars,” Hayes “willfully defied U.S. law that requires businesses to do their part to help in preventing crime and corruption.”

Williams added: “He intentionally failed to implement and maintain even basic anti-money laundering policies, which allowed Bitmex to operate as a platform in the shadows of the financial markets.”

Two other Bitmex co-founders, Benjamin Dalo and Sam Reed, also pleaded guilty and are scheduled to be sentenced in the near future.

Like Hayes, the two other co-founders have also been ordered to pay $10 million each in a civil monetary penalty.

What do you think about Arthur Hayes’ sentence? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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CFTC Chairman Confirms Bitcoin, Ether Are Commodities

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CFTC Chairman Confirms Bitcoin, Ether Are Commodities

CFTC Chairman Confirms Bitcoin, Ether Are Commodities

The chairman of the U.S. Commodity Futures Trading Commission (CFTC) says he is certain bitcoin and ether are commodities. He outlined how his agency is working with the U.S. Securities and Exchange Commission (SEC) to regulate the crypto sector, noting that “there are no customer protections right now in the crypto market.”


Bitcoin and Ether Are Commodities ‘For Sure’

CFTC Chairman Rostin Behnam discussed the regulation of cryptocurrencies by the CFTC and the SEC in an interview with CNBC last week.

The chairman was asked to comment on a bill in Congress that puts the SEC in charge of security tokens and the CFTC in charge of commodity tokens.

“This is a little bit of an age-old issue between the CFTC and the SEC. We have a great relationship historically … Within this space, in my view, it makes sense for commodities to be regulated by the Commodity Futures Trading Commission and securities to be regulated by the SEC,” Behnam detailed.

The CFTC boss noted that within the crypto space, there will be some coins that are securities and some that are commodities.

When asked to comment on SEC Chairman Gary Gensler’s claim that most of the crypto tokens out there are securities, Behnam stressed that the largest cryptocurrencies are commodities. He emphasized:

Well, I can say for sure bitcoin … is a commodity. Ether as well.

Admitting that there may be a lot of security coins, the CFTC chief noted, “there are plenty of community coins.” He clarified: “I think it makes sense that each agency has jurisdiction over commodities and securities respectively.”

The CFTC chairman was asked whether there is any disagreement between the two agencies. “I wouldn’t say there is disagreement,” he replied, emphasizing that each agency tries to do what’s best.

Commenting on the crypto market sell-off last week, Behnam said:

A lot of people got hurt. A lot of value was lost in the market, and there really are no customer protections right now.

He concluded that both the CFTC and the SEC want to regulate the crypto sector “thoughtfully,” protect customers, and protect financial stability.

What do you think about the comments by the CFTC chairman? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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