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Bitcoin (BTC) at $29,000 in "no man's land": Tesla's sacking from S&P 500 drags stocks down

 


Musk slams ESG 'fraud' after S&P 500 sack

Data shows BTC/USD hovering around $29,000 at press time after recovering at $28,600 on Bitstamp.


The pair has fallen in tandem with stocks , with the S&P 500 posting its biggest one-day decline since June 2020.


The drama surrounding Tesla, whose stock was removed from the S&P 500's ESG index due to a recent controversy, added to the underperformance.


The company's CEO, Elon Musk, has publicly criticized those responsible for the decision. This is probably related to compliance with so-called ESG criteria (environmental, social and corporate governance).


"ESG is a scam. It has been weaponized by bogus social justice warriors," he said on Twitter, among other things .



Cathie Wood, the founder and CEO of investment giant Ark Invest, called the decision to exclude Tesla "ridiculous" and "worthy of no other answer".


As anti-inflation measures begin to take hold, the outlook for risky assets over the coming months is what some believe is at best "consolidation".


Popular Twitter account CredibleCrypto agreed that Bitcoin was copying the behavior of the S&P 500 during the 2008 global financial crisis.



Bond markets could theoretically benefit from tightening fiscal policies by central banks around the world, but little hope remains in the Bitcoin market.


Analyst Dylan LeClair, who highlighted some stocks in Vanguard's Total Bond Market exchange-traded fund (ETF), called it a "global bubble bursting in real-time."


"It's going to get crazier," he added of the day.


Market commentator Holger Zschäpitz often describes the current situation as the "biggest bond bubble in 800 years".


Continued concerns about new bitcoin macro low

On the shorter timeframes for Bitcoin, the forecast says a move above $30,000 is still possible. But then a deeper correction could set in.

“A move higher towards $29,700 is likely possible. It's doubtful we can hold $29,300 for continuation but overall I still expect a higher low for bitcoin and that will head towards $32,800/ $34,000 continue like this," Cointelegraph contributor Michaël van de Poppe wrote on Twitter .


Trader Crypto Tony, meanwhile, reiterated that BTC/USD failed to bottom at $23,800 over the past week and that a major “capitulation” is imminent.



Another post said that the BTC price development over the day has so far been in "no man's land".

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