00:00 Jared
Crypto struggling once again after a fresh injection of global trade uncertainty. Yahoo Finance’s Ines Ferre joins us now with a look at the latest action. Ines, pick your poison. We got a lot of catalysts today. Tell us about the crypto front.
00:13 Ines Ferre
Yeah, that’s right, Jared. Uh, if we take a look at Bitcoin, it is now down about 47% from its all-time high peak back in October. Year to date, Bitcoin is down 27%, Ether is down even more, 37%.
00:34 Ines Ferre
So, overnight, we saw quite a bit of price action to the downside. We saw Bitcoin going down below 65,000 last night. And in part, this is because of the tariff uncertainty and what investors were really going risk off. Uh, they have bought up precious metals, but Bitcoin didn’t get that bid. Again, reinforcing what we have heard over the last several weeks that Bitcoin has really failed to be that sort of digital gold, so to speak. It’s been trading more like a high-risk tech stock.
01:21 Ines Ferre
Now, two points I just want to make. One is that there isn’t much of a surprise on the street about this move to the downside because you’ve had even the most bullish analysts that have been talking about expectations that you would see Bitcoin going lower. There’s some calls out there saying that it could go as low as 50,000 per token before rallying in the second half of the year. So, it is still in a downward trend and analysts were expecting it to go lower.
01:53 Ines Ferre
The second point I want to mention is that the severity of this bear market, um, Ed Engle over at Compass Point wrote a note about uh this bear market that crypto is in right now and basically comparing it to 2022. And what he’s saying is that there hasn’t been this big bust of lenders of prime uh brokers, the way it was back in 2022. There was one earlier this month, but it compared to others in the space, it’s not that big of a of a mover.
02:30 Ines Ferre
So, basically, what he’s saying is is that this bodes well for the sort of longevity of this bear market thing is saying basically that it’s not going to be as severe in his view uh as the one in 2022 because of that very point. But certainly, uh not great news for investors that have been buying the dip, so to speak, as this as the token has been going lower.