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BREAKING
Information Minister in Pakistani-administered Kashmir: Five civilians killed and at least 29 others injured in shelling across the border with India
Israeli Army Radio's diplomatic correspondent quoted a senior Israeli official as saying: So he [Trump] decided to cut off contact. That might still change, but that’s the situation right now
Israeli Army Radio's diplomatic correspondent quoted a senior Israeli official as saying: Trump’s circle told him [Dermer] that Netanyahu was manipulating him, and there’s nothing Trump hates more than being portrayed as someone being played
Senior Palestinian official to Al Mayadeen: Meetings between the Israelis, Egyptians, and Qataris are all centered around the Israeli proposal, which does not guarantee an end to the war [on Gaza]
Senior Palestinian official to Al Mayadeen: “Israel” is threatening to expand the ground offensive if Hamas rejects the proposal
Senior Palestinian official to Al Mayadeen: Hamas rejects the Israeli proposal, viewing it as failing to guarantee an end to the war
Senior Palestinian official to Al Mayadeen: “Israel” is sticking to its proposal, and insists there is no alternative offer on the table for negotiation
Senior Palestinian official to Al Mayadeen: The meetings between the Israelis and the Egyptians and Qataris all revolve around the Israeli proposal
The administration was clearly looking for an off-ramp for this campaign against Ansar Allah, NBC News reports, citing US official
Trump's operation against Ansar Allah cost more than $1 billion, NBC News reports, citing US official

Bitcoin down over 50% from record high

  • By Al Mayadeen Net
  • Source: Agencies
  • 9 May 2022 22:16
3 Min Read

The world’s leading cryptocurrency hovered at $32,360 in New York’s noon trading, which is equivalent to 30% off from its December 2021 close of $46,200.

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  • Bitcoin
    Everything bar the US dollar has fallen today - cryptos included," an analyst at StoneX.com said

Bitcoin price has fallen by almost 50 percent from its November record high as the value of most risky assets dropped today, Monday, on fears that the Federal Reserve could send the US economy into recession by embarking on the highest rate hike in three decades.

The world’s leading cryptocurrency hovered at $32,360 in New York’s noon trading, which is equivalent to 30% off from its December 2021 close of $46,200. It was down even more when compared to its November record high of $68,991.

"Everything bar the US dollar has fallen today - cryptos included," Fawad Razaqzada, an analyst at StoneX.com, wrote in a commentary. "At just over $32K, Bitcoin is now more than 50% cheaper compared to the record high it had reached last year. The next big level at $30K is now within sight, but it remains to be seen whether it can bottom around this psychological level." 

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Risk assets took a drubbing as central bank officials at the Federal Reserve discussed whether the next US rate hike should be 75 basis points, with some suggesting that would be too much while others saying it might be needed to stop runaway inflation. The last time rates were raised by 75 bps was in 1994.

Money markets traders have already priced in a 79% probability of a 75 basis points hike at the Fed’s coming meeting on June 14-15 — after last week’s 50-bps increase at its May meeting, which in itself was the biggest increase in twenty years.    

The Fed insists that its high rate hikes regime will not tip the US economy into recession; however, markets aren’t buying that argument for now.

Stocks on Wall Street continued to drop, with the Nasdaq Composite Index - which groups top names such as Facebook (banned in Russia as an extremist organization), Amazon, Apple, Google, and Netflix - hitting a session low of 11,714 today that matched a two-and-half-year bottom from November 2020. Nasdaq has been already down 5% for May, extending April’s 13% selloff. The tech barometer has lost 25% year-to-date.    

The dollar, the chief beneficiary in any rate hike, has soared, based on the performance of the Dollar Index, to 20-year highs, which pits the greenback against 6 other major currencies. The index hit today an intraday high of 104.12, a peak since 2002.

  • Bitcoin
  • Cryptocurrency

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US House to vote on bill criminalizing boycott of 'Israel'

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Throughout Operation Prosperity Guardian, current and former US military and intelligence officials expressed disquiet at the enormous “cost offset” involved in battling Ansar Allah. (Al Mayadeen English; Illustrated by Zeinab El-Hajj)

Ansar Allah triumphant: US facing Red Sea defeat again

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Trump cut off contact with Netanyahu, senior Israeli official says

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