So much for bitcoin being digital gold.
The world's most valuable cryptocurrency was down 10 per cent Monday after plunging again over the weekend. Bitcoin prices have now plummeted nearly 20 per cent in the past week. At a price of just below US$31,000, bitcoin is more than 50 per cent below its record high of near US$69,000 from late last year and at its lowest point since July 2021.
Other cryptocurrencies, sometimes referred to as altcoins, have been hit hard too. Ethereum, binance, solana and cardano are all down about 15 per cent in the past week, while Elon Musk's beloved dogecoin has tumbled 10 per cent.
Cryptocurrencies are proving to be just as risky as stocks and susceptible to the same concerns that are dragging down the Dow, S&P 500 and Nasdaq.
"Volatile trading in digital assets has not been that unusual in previous years," said Michael Kamerman, CEO of trading platform Skilling. "Cryptocurrencies are increasingly moving in sync with tech stocks with investors treating both as risk assets and often retreating to safer corners of the market during bouts of market volatility."
Kamerman said he is still bullish on bitcoin for the long term. More hedge funds and other big institutions are starting to invest in crypto, and some global central banks are beginning to embrace it too.
But he added that "bitcoin is not immune to the global inflation risk spreading across most other asset classes. Therefore we should expect to see the downward trend continue."
Inflation fears, worries about big interest rate hikes from the Federal Reserve and jitters about a possible economic slowdown have rattled Wall Street and sent bond yields skyrocketing.
The 10-year Treasury bond yield is now hovering just above 3.1 per cent, having more than doubled this year. Long-term bond yields are now at their highest level since November 2018.
The surge in yields has also helped lift the value of the dollar, which tends tor rise in tandem with interest rates. The U.S. Dollar Index is now trading near its highest level in twenty years. That's bad news for bitcoin too, as many crypto backers point to dollar weakness as a bullish sign for digital currencies.
As rates (and the dollar) continue to climb, some crypto skeptics think the selling in bitcoin has only just begun. The Federal Reserve is starting to pull back on monthly bond purchases and other stimulus which could be bad news for all sorts of speculative assets.
"The dramatic reversal of Fed liquidity ... will collapse the pandemic era bubble in crypto currencies, money losing tech companies and meme stocks," said Jay Hatfield, chief investment officer of Infrastructure Capital Management and manager of the InfraCap Equity Income ETF.
Hatfield said he thinks bitcoin could plunge as low as US$20,000 by the end of the year.
The crypto collapse is also hurting several stocks with exposure to the industry. Broker Coinbase plummeted 17 per cent Monday and is down more than 65 per cent this year. Robinhood, which also lets people buy and sell some cryptocurrencies, has fallen more than 45 per cent in 2022.
And shares of several cryptocurrency miners, the companies that run servers which solve the complex mathematical puzzles needed to generate new bitcoin and other cryptos, have tanked too. Hive Blockchain, Marathon Digital Holdings and Riot Blockchain are all down between 50 per cent and 60 per cent this year.
The massive pullback in these and other momentum tech stocks is yet another sign of the rapid shift in the market's mood this year. The CNN Business Fear & Greed Index, which measures seven indicators of market sentiment, is in Extreme Fear territory.
Investors may continue to shun volatile cryptos in favor of safe havens, such as dividend-paying blue chip stocks.
Traders are "more reluctant to adopt the additional risk associated with the crypto sphere," said Tammy Da Costa, an analyst at DailyFX, in a report.
She added that "the future of individual coins or tokens remains dubious" and that "interest rate hikes are likely to jeopardize the short-term potential for profits" in bitcoin, ethereum and other established cryptos.
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
New York’s highest court on Thursday overturned Harvey Weinstein’s 2020 rape conviction, finding the judge at the landmark #MeToo trial prejudiced the ex-movie mogul with improper rulings, including a decision to let women testify about allegations that weren’t part of the case.
Residents of John D'Or Prairie, a community on the Little Red River Cree Nation in northern Alberta, were told to take shelter Thursday morning during a police operation.
The number of vacant jobs in Canada increased in February, while monthly payroll employment decreased in food services, manufacturing, and retail trade, among other sectors.
The Canadian Medical Association asserts the Liberals' proposed changes to capital gains taxation will put doctors' retirement savings in jeopardy, but some financial experts insist incorporated professionals are not as doomed as they say they are.
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A West Virginia father is getting some sense of closure after authorities found the remains of his young daughter and her mother following a deathbed confession from the man believed to have fatally shot them nearly two decades ago.
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A dozen mayors from around Metro Vancouver say federal Attorney General and Justice Minister Arif Virani should deny parole for notorious B.C. serial killer Robert Pickton, and reassess the parole and sentencing system for 'prolific offenders and mass murderers.'
The federal government says new capital gains tax changes will only affect the rich, but some realtors say they are hearing from 'middle-class' cottage owners who worry they may have to sell before the rules come into effect on June 25.
Residents of John D'Or Prairie, a community on the Little Red River Cree Nation in northern Alberta, were told to take shelter Thursday morning during a police operation.
Jury selection is set to start today for the trial of a Winnipeg man accused of killing four women.
Nine-year-old Carter Vigh was having a great day last July 11, visiting a waterpark, enjoying a picnic lunch and playing soccer with other kids at a day camp run by his mother, Amber Vigh.
A dozen mayors from around Metro Vancouver say federal Attorney General and Justice Minister Arif Virani should deny parole for notorious B.C. serial killer Robert Pickton, and reassess the parole and sentencing system for 'prolific offenders and mass murderers.'
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
A reluctant Donald Trump returned to a New York City courtroom Thursday as his hush money trial resumed at the same time that the U.S. Supreme Court hears arguments in Washington over whether he should be immune from prosecution for actions he took during his time as president.
A Sydney bishop who was stabbed repeatedly in an alleged extremist attack blamed on a teenager has backed X Corp. owner Elon Musk's legal bid to overturn an Australian ban on sharing graphic video of the attack on social media.
A ship travelling in the Gulf of Aden came under attack Thursday, officials said, the latest assault likely carried out by Yemen's Houthi rebels over Israel's ongoing war on Hamas in the Gaza Strip.
Iran's judiciary confirmed the death sentence of well-known Iranian rapper Toomaj Salehi but added that he is entitled to a sentence reduction, state media reported on Thursday.
Ukraine worked Thursday to get much-needed new supplies of weapons and ammunition from a huge U.S. aid package to its eastern front line, where Russia was pressing forward with its efforts to take ground from outnumbered and outgunned troops.
A West Virginia father is getting some sense of closure after authorities found the remains of his young daughter and her mother following a deathbed confession from the man believed to have fatally shot them nearly two decades ago.
Prime Minister Justin Trudeau is accusing Conservative Leader Pierre Poilievre of welcoming 'the support of conspiracy theorists and extremists,' after the Conservative leader was photographed meeting with protesters, which his office has defended.
Canada's Deputy Prime Minister Chrystia Freeland was among the 1,700 delegates attending the two-day First Nations Major Projects Coalition (FNMPC) conference that concluded Tuesday in Toronto.
The Canadian Medical Association asserts the Liberals' proposed changes to capital gains taxation will put doctors' retirement savings in jeopardy, but some financial experts insist incorporated professionals are not as doomed as they say they are.
Ontario is still playing catch up on routine vaccinations that many children missed during the pandemic and public health officials are warning that it could take years to solve the problem.
Nine-year-old Carter Vigh was having a great day last July 11, visiting a waterpark, enjoying a picnic lunch and playing soccer with other kids at a day camp run by his mother, Amber Vigh.
Recent injected drugs like Wegovy and its predecessor, the diabetes medication Ozempic, are reshaping the health and fitness industries.
U.S. President Joe Biden signed legislation Wednesday that could ban TikTok in the U.S. while his campaign has embraced the platform and tried to work with influencers.
A new paper says a giant salmon that lived five million years ago in the coastal waters of the Pacific Northwest used tusk-like spikes as defense mechanisms and for building nests to spawn.
Prime Minister Justin Trudeau says he's not going to comment on the future of TikTok in the United States, but his own government will continue to look out for Canadians' security.
New York’s highest court on Thursday overturned Harvey Weinstein’s 2020 rape conviction, finding the judge at the landmark #MeToo trial prejudiced the ex-movie mogul with improper rulings, including a decision to let women testify about allegations that weren’t part of the case.
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The B.C. woman convicted of killing Reena Virk described the TV series dramatizing the notorious 1997 murder as disrespectful to the victim and her family.
The number of vacant jobs in Canada increased in February, while monthly payroll employment decreased in food services, manufacturing, and retail trade, among other sectors.
Boeing said Wednesday that it lost US$355 million on falling revenue in the first quarter, another sign of the crisis gripping the aircraft manufacturer as it faces increasing scrutiny over the safety of its planes and accusations of shoddy work from a growing number of whistleblowers.
New condo sales in the Toronto region dropped to the lowest quarterly total since the financial crisis in 2009 amid high interest rates and affordability issues, a new report has found.
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
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Brad Marchand scored twice, including the winner in the third period, and added an assist as the Boston Bruins downed the Toronto Maple Leafs 4-2 to take a 2-1 lead in their first-round playoff series Wednesday
We feel good about ourselves and we feel we can go in there and win a game," Bowness said.
The oldest living former major leaguer, Art Schallock turns 100 on Thursday and is being celebrated in the Bay Area and beyond as the milestone approaches.
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A dozen mayors from around Metro Vancouver say federal Attorney General and Justice Minister Arif Virani should deny parole for notorious B.C. serial killer Robert Pickton, and reassess the parole and sentencing system for 'prolific offenders and mass murderers.'
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Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
Toronto police say the homicide unit is investigating after a man was reportedly pushed to his death from a balcony downtown late Wednesday night.
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The City of Calgary's wildlife team says they're fielding hundreds of calls about coyotes.
Former Calgary mayor Naheed Nenshi is expected to be the centre of attention as the first debate in the Alberta NDP leadership race is held Thursday night.
The Canadian Medical Association asserts the Liberals' proposed changes to capital gains taxation will put doctors' retirement savings in jeopardy, but some financial experts insist incorporated professionals are not as doomed as they say they are.
The Ontario Provincial Police (OPP) is investigating following a shooting that happened earlier this month at the wrong residence in the Champlain Township.
The director of education for the Ottawa-Carleton District School Board says making sure elementary school students can attend classes close to home is an important part of making schooling in Ottawa more equitable.
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Speaking to CTV News, some Montreal drivers said they were in favour of the new measure and said they'd like to see Quebec follow suit.
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Alberta Health Services issued a measles alert in Edmonton Wednesday after confirming a case.
Community members gathered at a Bedford, N.S., mosque for Ahmad Al Marrach — a 16-year-old murder victim — for his funeral on Wednesday.
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New Brunswick RCMP says officers rescued three people from alleged human trafficking in Moncton, arresting an 18-year-old woman in the process.
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A Saskatchewan woman who was taken for an involuntary mental health assessment is entitled to find out who had her committed, a provincial court judge has ruled.
International aircraft giant Boeing has made a multi-million dollar commitment to the Saskatchewan Indian Institute of Technology (SIIT) to help address shortages in the aviation industry.
Darlene Hartshorn is a mother and grandmother from Warman who is making a difference by helping those who need a hand up.
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
New York’s highest court on Thursday overturned Harvey Weinstein’s 2020 rape conviction, finding the judge at the landmark #MeToo trial prejudiced the ex-movie mogul with improper rulings, including a decision to let women testify about allegations that weren’t part of the case.
A serious crash involving two vehicles has closed Highway 101 in the Timmins area since 1 a.m., police say.
The London Health Sciences Centre (LHSC) Auxiliary is celebrating 100 years of service. Since 1999, the Auxiliary has made contributions, totaling over $10 million towards the hospital's critical needs.
In the midst of a homelessness crisis, an influx of asylum seekers is putting additional pressure on London, Ont.’s limited number of permanent shelter beds.
Nine years after a London, Ont. man was shot to death in a botched robbery at his home, the man responsible for the shooting was given a prison sentence on Wednesday.
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Reports indicate Honda is retooling its assembly plant in Alliston to produce fully electric vehicles.
Instructors from the United Kingdom College of Policing brought the victim support instructors to Barrie.
A snake habitat on Pelee Island will be restored. Through a multi-partner collaboration, conservation work on Pelee Island will continue through 2026.
A 911 hang-up call has led to the arrest of two people in Chatham-Kent. Just after 6:30 a.m. on Wednesday, officers responded to an address on Bloomfield Road for the hang-up call.
A Windsor man convicted in a violent murder 20 years ago was successful in his ‘faint hope’ bid for an early chance at freedom after a jury agreed he should be given the chance to apply for early parole eligibility.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
Nine-year-old Carter Vigh was having a great day last July 11, visiting a waterpark, enjoying a picnic lunch and playing soccer with other kids at a day camp run by his mother, Amber Vigh.
A Canadian sports economist is encouraging Canucks fans to enjoy the team’s playoff run, but cautioning against having big expectations around economic spinoffs.
An emaciated dachshund is now recovering thanks to a Good Samaritan who found the pup near a biking trail in Kelowna, according to the BC SPCA.
Search and rescue crews have been called in after a vehicle belonging to a missing senior was located near a rural intersection outside of Kelowna Tuesday.
Major crime detectives in British Columbia are investigating a suspected homicide after a body was found in a remote area southeast Kelowna over the weekend.
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Whoop-Up Days is still four months away, but applications to be in this year’s parade are now open.
Lethbridge has added 28 physicians over the past year, according to a quarterly report published by the College of Physicians and Surgeons of Alberta.
Some members of the Garden River First Nation are demanding answers regarding the disbursement of the Robinson-Huron Treaty settlement funds.
The Ontario Provincial Police, in partnership with the Treaty Three Police Service, have charged a suspect with murder following a homicide in a remote northwestern Ontario community.
A 15-year-old in Sault Ste. Marie has been charged following an incident on Bay Street on Tuesday.
A Newfoundland-made vodka has been named one of the world’s best by judges at this year’s World Vodka Awards.
Uber Technologies Inc. says it has brought its ridesharing platform to Newfoundland and Labrador.
Newfoundlander Christian Sparkes has shot several films around his home province, but with his new psychological thriller 'The King Tide' he saw an opportunity to wander into one unique town that had eluded him over the years.
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