Bitcoin (BTC) held $1,000 lower on May 19 after a gloomy Wall Street trading session the day before sent pay higher.
Musk criticizes ESG ‘scam’ after S&P 500 exit
Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair hovering around $29,000 at the time of writing, after bouncing to $28,600 on Bitstamp.
The pair had fallen in lockstep with US stocks, with the S&P 500 particularly in the spotlight as it posted its biggest intraday drop since June 2020.
The drama over Tesla, which was removed from the index amid ongoing controversy, fueled the underperformance.
The company’s CEO, Elon Musk, publicly rebuked those behind the decision, which appeared to be related to compliance with so-called environmental, social and governance (ESG) criteria.
“ESG is a scam. He has been armed by false warriors of social justice, ”said part of one response from Twitter.
Further proof that ESG is a scam.
Tesla (a literal EV company) is also invested in Bitcoin, the most powerful “S” holding one can have, something that boosts financial powers for tens of millions of people worldwide under authoritarian regimes and emerging markets https://t.co/ g2cRc4Tows
— Alex Gladstein ⚡ (@gladstein) May 19, 2022
Cathie Wood, founder and CEO of investment giant Ark Invest, qualified the decision to exclude Tesla as “ridiculous” and “not worthy of any further response”.
As anti-inflation measures begin to take effect, the outlook for risk assets was “consolidating” at best in the coming months, some argued.
Popular trading account CredibleCrypto agreed that Bitcoin was copying behavior exhibited by the S&P 500 during the 2008 global financial crisis.
Do you remember the sentiment in ’08 when the housing bubble popped? Do you remember the stock market crash of ’08 and the subsequent recovery? Range highs taken, range lows taken, deviations, expanded flat, whatever you want to call it- we have seen it before. USDBTC https://t.co/CmQ6a031Pg
— CrediBULL Crypto (05.27) (@CredibleCrypto) May 19, 2022
While bond markets could theoretically benefit from financial tightening by central banks around the world, little faith remained in its investment premise among pro-Bitcoin sources.
Analyst Dylan LeClair, highlighting readings from Vanguard’s Total Bond Market ETF, qualified the “global bubble of everything collapsing in real time”.
“It’s going to get crazier,” he added that day.
Outside of crypto, as Cointelegraph recently reported, market commentator Holger Zschaepitz frequently refers to the situation as the “biggest bond bubble in 800 years.”
Concerns Persist About New Bitcoin Macro Low
Turning to shorter timeframes for Bitcoin, the forecast remained focused on potential moves above $30,000 before a deeper correction sets in.
“A push towards $29,700 is probably possible. I wonder if we can hold $29,300 for the continuation, but overall I am still expecting a HL in Bitcoin where we continue towards $32,800/$34,000.” said Cointelegraph contributor Michaël van de Poppe to Twitter followers overnight.
Crypto trader Tony, meanwhile, reiterated his thesis that BTC/USD did in fact bottom out during last week’s forecast at $23,800 and that a more substantial “capitulation” was due.
I am going to be sharing some quantitative charts and analysis soon to back up why i do not think capitulation has not happened yet
Many believe it has happened already, but it is important to see what it looks like and actually means
— Crypto Tony (@CryptoTony__) May 19, 2022
An additional post described BTC price action for the day as far as being in “no man’s land”.
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