Hakan Ateşler 
Elon Musk, owner of Tesla, Space X and X, also reacted to the Fed’s failure to cut interest rates. Musk said in a tweet yesterday, “The Fed needs to drop rates. They have been foolish not to have done so already” he said. Musk also said in another tweet that he wanted to come to Istanbul.
Fears of recession in the US caused cryptocurrencies to start the new week with major declines. Bitcoin fell as low as $49 thousand in the morning hours. The value of forward crypto positions that were liquidated in the last 24 hours exceeded $1 billion. Approximately $900 million of these positions were long positions.
Bitcoin, which exceeded $70,000 on Monday last week, fell close to $20,000 in a week. While the largest cryptocurrency saw $52,000 tonight, the decline in Ether exceeded 20% in the last 24 hours. The depreciation in altcoins has also reached much more dramatic levels.
Morgan Stanley, one of the world’s largest financial institutions, has authorised investment advisors to recommend Bitcoin spot ETFs for clients. Such firms, also known as ‘wire houses’ in the US, are known for their ability to reach large masses of individual investors through their advisors.
While the financial world focused on the employment and unemployment figures from the US on the last trading day of the week, both data pointed out that the economy was cooling. Despite this ‘positive’ situation, the decline in futures markets and Bitcoin also raised questions.
The US non-farm payroll and unemployment data, which are eagerly awaited by cryptocurrency investors along with the world financial markets, have been announced. Both data came with figures that will clearly show that the economy is cooling. Employment was below expectations, while unemployment was well above expectations.
Bitlo’s founder and CEO Mustafa Alpay evaluated the recently enacted cryptocurrency regulations in Turkey to Uzmancoin. Alpay said, ‘We think that this law will protect the investor and pave the way for a more reliable cryptocurrency market.’
Matt Hougan, CIO at Bitwise, one of the asset management firms with Bitcoin and Ether spot ETF, claimed that the upturn in cryptocurrencies was not fully seen. Hougan said, ‘I think the big story in the second half of the year is we’re going to see flows re-accelerate,’ he said.
In Hong Hong, which has taken positive steps on cryptocurrencies in the last 2 years, online broker company Futu has now launched cryptocurrency trading services. Some users who take advantage of the services, which are also open to individual investors, will be able to obtain Alibaba and Nvidia share gifts along with Bitcoin.
The fact that the manufacturing industry purchasing managers index announced yesterday in the USA was considerably lower than expected further increased the importance of today’s unemployment and non-farm payrolls figures. The data will closely affect risky asset investments, including cryptocurrencies.