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Nov. 27, 2021, 11:49 a.m. EST

Interest rate markets may have biggest impact on bitcoin in near term, this asset manager says

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By Frances Yue

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However, there are exceptions. Market participants may be “moving funds onto lending platforms, making a peer-to-peer sale, or tokenizing their BTC on other blockchains,” according to the report. 

India’s potential crypto ban 

According to the India parliament’s bulletin dated Tuesday , the government plans to introduce a bill, which seeks to build a framework for the creation of India’s official digital currency, in the parliament’s “Winter Session” starting Nov. 29. 

The bill also seeks to ban all private cryptocurrencies in India, but would allow “certain exceptions to promote the underlying technology of cryptocurrency and its uses,” according to the bulletin. 

John Kicklighter, chief strategist at research site DailyFX wrote to MarketWatch in an email that “the verbiage of the bill isn’t particularly clear, but the density of long-only speculative interests will naturally read into the risks associated with any regulation.” 

Mikkel Morch, executive director at crypto hedge fund ARK36 wrote that “what’s interesting is that the situation does underscore the fact that the adoption of cryptocurrencies around the globe has happened so fast that it has also given rise to a new set of challenges for governments and financial regulators.”

Crypto companies, funds

In crypto-related company news, shares of Coinbase /zigman2/quotes/225893452/composite COIN +9.47%  went down 4% to $299.6 Friday morning. It was down 7% for the past five trading days. Michael Saylor’s MicroStrategy Inc.  /zigman2/quotes/207732364/composite MSFT +1.12%  dropped 4.7% to $669 Friday morning. It was down 8% over the past five days.

Mining company Riot Blockchain Inc.  /zigman2/quotes/209538617/composite RIOT +2.55%  shares fell 4.4% to $35, while it gained 4.3% over the past five days. Shares of Marathon Digital Holdings Inc.  /zigman2/quotes/205886758/composite MARA +3.00%  plunged 7.4% to $48.5, contributing to a 5.4% loss over the past five days. Another miner Ebang International Holdings Inc.  /zigman2/quotes/219243771/composite EBON -1.75%  dived 9.8% to $1.51, with a 15.8% loss over the past five days.

Overstock.com Inc.  /zigman2/quotes/200022359/composite OSTK +14.40%  went up 1.6% to $94.3, while it was down 11.5% over the past five days.

Square Inc.  /zigman2/quotes/205989440/composite SQ +2.73% ’s shares inched down 1.4% to $213.1, with a 7.3% loss for the past five days. Tesla Inc.’s  /zigman2/quotes/203558040/composite TSLA +4.88%  shares went down 2.8% to $1,086, with a 1.07% loss over the past five days.

PayPal Holdings Inc.  /zigman2/quotes/208054269/composite PYPL +1.87%  inched up 1.3% to $191, while it recorded a 4.8% loss over the past five days, while NVIDIA Corp. /zigman2/quotes/200467500/composite NVDA +5.08%  went down 1.62% to $321.5, with a 1.38% gain over the past five days.

Advanced Micro Devices Inc.  /zigman2/quotes/208144392/composite AMD +1.63% went down 0.53% to $157 and notched a 1.8% return over the past five days.

In the fund space, ProShares Bitcoin Strategy ETF  /zigman2/quotes/230440344/composite BITO +0.71%  went down 5% to $34.7 Friday morning, while Valkyrie Bitcoin Strategy ETF  /zigman2/quotes/230473388/composite BTF +0.62%  declined 5.2% to $21.4. VanEck Bitcoin Strategy ETF /zigman2/quotes/230997909/composite XBTF +0.84% dropped 5.5% to $54.2.

Grayscale Bitcoin Trust /zigman2/quotes/203330852/composite GBTC +2.42%  went down 4.6% to $44.3, with a 4.2% loss over the past five days.

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