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The Basel Committee on Banking Supervision proposed that a 1,250 per cent risk weight be applied to a banks exposure to Bitcoin and certain other cryptocurrencies.
By Yakob Peterseil
Dogecoin jumped on renewed support from Elon Musk, adding to a volatile week for digital currencies that’s been whipped up largely by the Tesla Inc. chief executive officer himself.
After Musk tweeted on Thursday that he is working with Dogecoin developers to “improve system transaction efficiency,” the Shiba-Inu-themed token with no practical uses surged from about 43 cents to 51 cents in a matter of minutes. It’s up by about 30% in the past 24 hours, according to Coinmarketcap.com.
Bitcoin fluctuated on Friday, and was trading at around $50,700 as of 10 a.m. in New York. The largest digital token is on course for a weekly slump of more than 10%.
The options market may be fueling the turbulence in tech shares
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Last Updated: May 12, 2021, 10:56 AM IST
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Synopsis
An academic study last year found evidence that options dealers indeed contribute to intraday volatility as they balance their exposures in this way.
Reuters
The volatility has been on full display lately, with the Nasdaq 100 slumping as much as 2% Tuesday before erasing most of the loss.
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By Yakob Peterseil and Katie Greifeld
Inflation, valuations, rising rates all are being suggested as causes for this week’s tech implosion, but a less-publicized catalyst may be the market for stock options.