Technology

Crypto has had a rough few days. The biggest test is still to come, Morgan Stanley strategists say.

Bitcoin fell into the low $42,000 level over the weekend — a nearly 30% drop — and its recovery to the $48,000 level was still a roughly 8% drop from Friday. Anyway, $42,000 is a lot better than zero, which is what some holders of various cryptos were looking at after hackers stole $150 million from BitMart. And last week, someone stole tokens worth $120 million from the decentralized finance platform BadgerDAO. Still, the adage is to buy when there’s blood in the streets, and El Salvador President Nayib Bukele said he got on the phone (yes, the phone) to buy 150 bitcoin for his country, at an average price of $48,670. Nicholas Colas, the co-founder of DataTrek Research, said it’s no accident the big decline came during the weekend, which he said was likely the result of forced selling.

Read more : Crypto has had a rough few days. The biggest test is still to come, Morgan Stanley strategists say.

OODA Analyst

OODA Analyst

OODA is comprised of a unique team of international experts capable of providing advanced intelligence and analysis, strategy and planning support, risk and threat management, training, decision support, crisis response, and security services to global corporations and governments.