Bitcoin (BTC) held $1,000 lower on May 19 after slowing further after a tough trading session on Wall Street the previous day.
Musk detonates ESG ‘scam’ after S&P 500 debut
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD to be around $29,000 at the time of writing, bouncing from $28,600 on Bitstamp.
While the pair made its biggest intraday drop since June 2020, it fell with the S&P 500 and US stocks in particular focus.
The drama over Tesla, which was excluded from the S&P 500’s ESG Index due to the ongoing controversy, fueled the poor performance.
The firm’s CEO, Elon Musk, publicly scolded those behind the decision, which seems to adhere to so-called environmental, social and governance (ESG) criteria.
“ESG is a scam. Armed by fake social justice warriors”, part of Twitter response you read.
Another proof that ESG is a scam.
Tesla (a real EV company) also invests in Bitcoin, the most powerful “S” holding to own and boosting the financial strength of tens of millions of people around the world under authoritarian regimes and emerging markets. https://t.co/ g2cRc4Tows
— Alex Gladstein ⚡ (@gladstein) 19 May 2022
Cathie Wood, founder and CEO of investment giant Ark Invest, in your name The decision to exclude Tesla as “ridiculous” and “unworthy of any further response.”
As inflation-fighting measures began to bite, according to some, the outlook for risk assets was one of “consolidation” at best in the coming months.
Popular trading account CredibleCrypto acknowledged that Bitcoin copied the behavior exhibited by the S&P 500 during the 2008 Global Financial Crisis.
Do you remember the feeling when the housing bubble burst in 2008? Remember the stock market crash of 2008 and the recovery that followed? Taken highs, received range lows, divergences, extended flat, whatever you call it—we’ve seen it before. $BTC https://t.co/CmQ6a031Pg
— CrediBULL Crypto (05.27) (@CredibleCrypto) 19 May 2022
While bond markets could conceptually benefit from the financial tightening of central banks around the world, little faith remains in their investment propositions among pro-Bitcoin sources.
Highlighting readings from Vanguard’s Total Bond Market exchange-traded fund (ETF), Analyst Dylan LeClair said, in your name it is the “global bubble of all things collapsing in real time”.
“It will get crazier,” he added that day.
Outside of crypto, as Cointelegraph recently reported, market commentator Holger Zschaepitz often refers to the situation as “the biggest bond bubble in 800 years.”
Concerns remain above fresh Bitcoin macro low
Returning to the shorter timeframes for Bitcoin, the forecast continued to focus on potential moves above $30,000 before a deeper correction was made.
Related: First 7-week losing streak in history – 5 things to know about Bitcoin this week
“A momentum towards $29.7k is likely possible. Cointelegraph columnist Michaël van de Poppe questions whether we can hold $29.3k to continue, but overall I still expect an HL to continue towards $32.8k/$34k in Bitcoin.” said Twitter followers overnight.
Meanwhile, fellow trader Crypto Tony reiterated his thesis that BTC/USD didn’t actually bottom as low as $23,800 during last week’s tip and that a more substantial “capitulation” is ripe for it.
I will soon share some quantitative charts and analysis to support why I don’t think capitulation has happened yet.
Many believe it already is, but it’s important to see what it looks like and what it actually means.
— Crypto Tony (@CryptoTony__) 19 May 2022
an additional post specification BTC price action of the day is “in no one’s country” so far.
The views and opinions expressed here are those of the author alone and may not necessarily reflect those of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.