The benchmark S&P/ASX 200 Index (ASX: XJO) was choppy today whilst the ASX digested a number of catalysts ranging from the Omicron COVID-19 variant to fiscal policy out of the US. 

Shares in resources giant BHP Group Ltd (ASX: BHP) finished the day trading 1.59% in the red at $39.59.

BHP shares started the day in the red and attracted a considerable amount of short interest. This activity came amid a company update regarding its planned acquisition of Noront Resources Ltd, announced in November.

Whilst the announcement wasn’t price-sensitive in any way, BHP went into detail about the moving parts of the transaction and gave a concise update of its status. Let’s take a closer look.

What did BHP announce?

The company advised that its wholly-owned subsidiary, BHP Lonsdale Investments Pty Ltd, is progressing discussions with Wyloo Metals Pty Ltd in support of BHP’s 75 Canadian cents per share offer to acquire Noront Resources.

Noront Resources is focused on the development of high-grade nickel, copper, platinum and palladium deposits and “world class” chromite deposits in Canada, BHP says.

BHP advised today that it is extending the expiry of its offer from 7 pm (Toronto Time) on December 14 2021, to allow more time for those discussions to progress.

As such, the earliest time that BHP will acquire Noront shares under its offer will be at the new expiry time.

Furthermore, pursuant to the extension of the expiry time, BHP Lonsdale and Noront also announced that they have amended the support agreement relating to Noront’s support of the offer.

The pair agreed to do so “in order to extend the “outside date” in that agreement from December 14, 2021 to January 21, 2022”.

BHP says the outside date is important because if certain stipulations haven’t been met by this time, “both Noront and the Offeror become permitted to terminate the Support Agreement”.

This isn’t BHP’s first venture in Canada either ­– it has invested in diamonds, potash, exploration, Carbon Capture and Storage (CCS) research, and environmental preservation throughout its time in America’s northern cousin.

Even though BHP and Wyloo Metals are considering a mutually beneficial arrangement regarding the Noront acquisition, there is no assurance that any agreement will be reached between BHP and Wyloo Metals.

BHP share price snapshot

It’s been a difficult time for BHP shareholders these past 12 months who have seen their holdings slide by 5% in that time.

This year to date, BHP shares have fallen 7% even as commodity prices have delivered strong free cash flow for the company early in CY21.

In the last month, BHP has reversed course however and is now 10% in the green after rallying 3% in the past week.

The post BHP (ASX:BHP) share price struggled on Monday despite acquisition talks ‘progressing’ appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The MoneyMe Ltd (ASX: MME) share price plunged today despite the company reporting record financial results.

At the market close, the MoneyMe share price was down 8.54%, trading at $1.82.

MoneyMe is a digital consumer credit business that uses technology to help people manage their personal finances.

What did MoneyMe announce?

In today’s release, MoneyMe reported record originations of $170 million for the first two months of the second quarter (Q2 FY22). In the same time period, contracted future revenue increased to $158 million.

The company also reported better than expected take-up of its Autopay product.

Total gross customer receivables, which means sales made on credit for which payment has not been received, increased to $542 million. The company also noted that Autopay credit sales hit $111 million.

In addition, MoneyMe advised it has settled a $50 million drawdown announced in September through a partnership with Pacific Equity Partners.

Despite this, the MoneyMe share price fell sharply this morning and stayed down in what has been a bumpy day of trading across the broader ASX market.

For some perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) spent much of the day struggling in the red, before heading north to finish the day up 0.05% at 7245.1 points. Meanwhile, the S&P/ASX 200 Financials Index (ASX: XFJ) was down 0.03% at the close.

Management commentary

Commenting on the trading update, MoneyMe managing director Clayton Howes said:

I am delighted with MoneyMe’s accelerated growth, with the group achieving record originations and record revenues while maintaining strong credit performance.

We see this as a signal that our dynamic product, brand and service experience is paying off.

Moneyme share price snapshot

Despite today’s disappointing outcome, the MoneyMe share price has lifted 28.17% over the past 12 months. The yearly high is $2.48, while the 52-week low is $1.30.

Based on its current share price, MoneyMe has a market capitalisation of roughly $312 million.

The post Moneyme (ASX:MME) share price slides 9% despite record trading update appeared first on The Motley Fool Australia.

More reading

• 3 fantastic ASX growth shares to buy right now
• Why did ASX BNPL shares get hammered today?
• Can NAB (ASX:NAB) shares ever close in on CBA’s market cap?
• Here are the top 10 ASX shares today
• How the A2 Milk (ASX:A2M) share price tanked 5% in November

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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There are a large number of ASX growth shares to choose from on the Australian share market.

Three that come highly rated are listed below. Here’s why these ASX shares are being tipped as buys:

Domino’s Pizza Enterprises Ltd (ASX: DMP)

The first ASX growth share to consider this month is this pizza chain giant. It has been tipped to continue its strong growth over the next decade thanks to its expansion at home and overseas, acquisitions, and its focus on technology. In respect to its expansion, management sees scope to more than double its store network to 6,650 stores in existing markets by 2033. The key words there are “existing markets.” The company also has its eyes on other regions and the balance sheet strength to make acquisitions that expand its addressable market.

Goldman Sachs is positive on Domino’s. It currently has a buy rating and $147.00 price target on the pizza chain operator’s shares.

Healius Ltd (ASX: HLS)

Another ASX growth share to look at is Healius. It is one of Australia’s largest pathology and diagnostic imaging providers. Thanks to elevated demand for COVID-19 testing and a solid performance from the rest of its business, Healius is poised to deliver another very strong result in FY 2022. For example, during the first quarter, Healius reported a 43.7% increase in group quarterly revenue over the prior corresponding period to $689.9 million.

Macquarie is positive on the company’s outlook. The broker currently has an outperform rating and $5.65 price target on Healius’ shares.

Hipages Group Holdings Ltd (ASX: HPG)

A final ASX growth share to look at is Hipages. It is a leading Australian-based online platform and software as a service (SaaS) provider connecting consumers with trusted tradies. Hipages has over 30,000 tradies using its platform. Combined with strong consumer usage, this has been driving impressive growth in recent years. For example, the company outperformed its upgraded full year revenue guidance in FY 2021 with a 22% year on year jump to $55.8 million. Further strong growth is expected in FY 2022 and beyond by the team at Goldman Sachs.

In light of this, the broker has a buy rating and $4.95 price target on its shares.

The post 3 fantastic ASX growth shares to buy right now appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Hipages Group Holdings Ltd. The Motley Fool Australia has recommended Dominos Pizza Enterprises Limited and Hipages Group Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Monday proved to be a bad day for ASX buy now, pay later (BNPL) shares as a new report found that BNPL services are worsening the burden of financial hardship on some consumers.

Let’s take a look at what might have weighed on ASX BNPL shares today.

ASX BNPL shares tumble on Monday

The share prices of Afterpay Ltd (ASX: APT), Zip Co Ltd (ASX: Z1P), and Sezzle Inc (ASX: SZL) each tumbled into the red on Monday.

Sezzle reported the worst fall. It slid a whopping 15.61% to trade at $3.19 at the close on Monday.

The Zip share price also tumbled 9.73% to close at $4.36.

Despite spending most of the day in the red, the Humm Group Ltd (ASX: HUM) share price finished flat at 74 cents.

Meanwhile, Afterpay shares slipped 4.13% to trade at $94.18 after announcing the new date on which shareholders will vote on its acquisition by Square Inc (NYSE: SQ).

In comparison, the S&P/ASX 200 Index (ASX: XJO) lifted 0.13% higher in late trading after being in the red most of Monday. The All Ordinaries Index (ASX: XAO) wasn’t so lucky, falling 0.11%.

ASX BNPL shares might have been weighed down by findings released by Financial Counselling Australia today. The body found BNPL companies are failing to support customers in hardship.

BNPL increasingly used by those in financial hardship

FCA has called on the Australian Government to review the legal framework used by BNPL providers, and on the BNPL industry to improve how it treats customers in hardship, after it found a sharp increase in the use of BNPL services by those in financial distress.

FCA CEO Fiona Guthrie said current laws allowed customers to mishandle BNPL services:

BNPL can be used quite happily… but it can also be misused, and that’s because it falls outside of our credit laws.

What we need are safeguards, we need to find a way of making sure that this product operates in a safe way.

The body surveyed financial counsellors, finding 84% reported more than half of their clients had BNPL debt. That compares to just 31% 12 months ago.

Particularly noteworthy, respondents reported many people burdened with BNPL debt didn’t consider it to be debt. Thus, the debt often wasn’t reported to financial counsellors or services.

It reported Australians are increasingly using BNPL to purchase essentials such as food and bills. It also found that many prioritised BNPL repayments over essential expenses so as to not lose access to the services.

National Debt Helpline financial counsellor Deb Shroot also commented:

What we’re seeing is that, clients have maybe a credit card, a couple of personal loans, and… numerous BNPL products. This could be up to seven or eight different BNPL products from different companies…

We’re getting phone calls about BNPL products every single day.  

Financial counsellors were also asked to rate different BNPL providers’ hardship practices with 1 being awful and 10 being brilliant.

Of those rated, the ASX’s largest BNPL share, Afterpay came out on top. It was given a rating of just 5.9 out of 10.

Zip’s hardship practices were rated 5.5 out of 10 while Humm was the worst rated service provider – it was given a rating of 4.7 out of 10.

The post Why did ASX BNPL shares get hammered today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, Square, and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia has recommended Humm Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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It has long seemed that National Australia Bank Ltd (ASX: NAB) was serving a life sentence as Australia’s fourth-largest ASX bank share. Out of NAB, Commonwealth Bank of Australia (ASX: CBA), Westpac Banking Corp (ASX: WBC) and Australia and New Zealand Banking Group Ltd (ASX: ANZ), it was NAB that was usually at the tail end of the famous big four.

So it’s rather startling to find NAB is now the ASX’s number 2 bank, behind CBA of course. 

Yes, NAB’s current market capitalisation stands at $91.8 billion. That’s way ahead of ANZ, which is on a market cap of $76.26 billion as of today’s share pricing. Perhaps even more strange is that the ASX’s oldest bank, Westpac, is now the baby of the big four family, with a market cap of $76.1 billion on today’s pricing. CBA is still way out in front though, with its monstrous $166.17 billion size.

Can NAB overtake CBA as the ASX’s biggest bank?

So now NAB has claimed its silver medal, many shareholders might be wondering if the Red Star can play at the high roller tables as the ASX’s biggest bank one day. In an article published in The Australian last week, NAB CEO Ross McEwan says that NAB’s recent good fortunes can be put down to the work he has overseen at the bank in tidying up its famous business banking division:

[Hiring] 550 more bankers and associates, we have been streamlining systems, tidying up the product, just making it easier for them to get out in the marketplace.

But if NAB ever wants to overtake CBA as the ASX’s largest bank, it will probably have to reverse the premium investors now place on CBA shares compared to the other 3 majors. To illustrate, CBA’s current price-to-earnings (P/E) ratio stands at 20.7. In contrast, NAB still only commands an earnings multiple of 14.9.

McEwan: Consistency is the key

McEwan says the key to unlocking that door is consistency, pointing to “a couple of decades of consistent results” at Commonwealth Bank:

We have had two very clean sets of results over the last year. The market likes consistency…

NAB, if we are open and honest with ourselves, we have not. We have tripped up on regular occasions and my aim is to get this bank very consistent so people buy into the stock and want it in the portfolio because of the consistency of returns. Momentum in the bank again, and I think the market likes it. So let’s see where it goes over the next few years.

Displacing CBA as the ASX’s largest bank is arguably a lofty goal. But NAB shareholders will probably be delighted at the very prospect.

At the current NAB share price of $28.04 (at market close on Monday), this ASX bank has a dividend yield of 4.53%.

The post Can NAB (ASX:NAB) shares ever close in on CBA’s market cap? appeared first on The Motley Fool Australia.

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• Is the Westpac (ASX:WBC) share price a value trap or a bargain buy?

Motley Fool contributor Sebastian Bowen owns shares of National Australia Bank Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Today, the S&P/ASX 200 Index (ASX: XJO) clawed back its earlier weakness to cement the day in the green. At the closing bell, the benchmark index finished 0.13% higher at 7,250.4 points.

The market was pulled in two directions on Monday as investors fled from the more ‘growth’ orientated companies to less volatile options. This shift follows the United States Federal Reserve chair suggesting a tapering in cheap money sooner rather than later. Consequently, the tech sector wore a hefty 2.1% fall today, while utilities and consumer staples experienced the opposite reaction.

However, the question is: which shares delivered the biggest returns to investors on the ASX today? Here are the top ten stocks that came through for investors:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, Metcash Ltd (ASX: MTS) was the biggest gainer today. Shares in the wholesale distributor company surged 7.60% after posting a strong half-year result. Find out more about Metcash here.

The next biggest gaining ASX share today was APA Group (ASX: APA). The Australian energy infrastructure company experienced a 4.77% appreciation in its share price today. This was despite there being no announcements from the company today. Uncover the latest APA Group details here.

Today’s top 10 biggest gains were made in these ASX shares:

ASX-listed company	Share price	Price change
Metcash Ltd (ASX: MTS)	$4.25	7.60%
APA Group (ASX: APA)	$9.88	4.77%
Evolution Mining Ltd (ASX: EVN)	$3.93	4.24%
Northern Star Resources Ltd (ASX: NST)	$9.11	3.41%
Whitehaven Coal Ltd (ASX: WHC)	$2.515	3.07%
Incitec Pivot Ltd (ASX: IPL)	$3.06	3.03%
Coles Group Ltd (ASX: COL)	$17.86	2.94%
Bluescope Steel Ltd (ASX: BSL)	$21.03	2.74%
Woolworths Group Ltd (ASX: WOW)	$40.65	2.68%
Summerset Group Holdings Ltd (ASX: SNZ)	$12.71	2.09%

Our top 10 ASX shares today countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check-in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

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Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended APA Group and COLESGROUP DEF SET. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Dairy producer A2 Milk Company Ltd (ASX: A2M) has been a thorn in many investors’ portfolios this year, but November was particularly bad.

Last month the share price shed a painful 5.28%. Ironically, it was action from its own angry shareholders that pummelled the stock further.

On 24 November, Shine Lawyers revealed it was pursuing a class action on behalf of aggrieved investors who claim they were misled and deceived.

The group alleged that the New Zealand company breached its disclosure obligations by not updating the market earlier last year about its COVID-19 pandemic woes.

This was the second class action filed against A2 Milk, with Slater & Gordon launching a similar case in October.

What’s the disagreement?

The centrepiece of the argument from the class actions is the financial update given on 19 August 2020. 

“A2 Milk was, or ought to have been, aware that their FY21 guidance, and subsequent representations, did not adequately take into account a number of factors known to A2 Milk,” stated Shine Lawyers.

“[This] ultimately impacted the company’s financial performance, resulting in a 62% drop in market value in FY21.”

That August 2020 update was when the company first revealed the damage that border closures had on its daigou (expatriate) sales channel into China.

Subsequent updates didn’t help either, with A2 Milk shares falling 52.7% over this calendar year.

From scraping the $20 threshold in July 2020, the stock has since sunk more than 70% to trade for $5.50 on Monday afternoon.

Are A2 Milk shares a bargain now?

As for the future of A2 Milk, the professionals are absolutely divided on where it will head.

Among 15 analysts surveyed by CMC Markets, 5 of them rate the stock as a buy and 4 rate it as a sell. The remaining 6 think it’s a hold.

Tribeca Investment portfolio manager Jun Bei Liu revealed last month that her team has been buying.

“We’re seeing the share price reflect the bottom… the worst conditions you can expect. It’s only going to get better from here,” she said.

“We think it would deliver a very good return… Nothing’s really changed about this company over the long run.”

While the Chinese business is still down, according to Liu, the English-language markets were doing fine.

“Don’t need to worry about when the share price will bounce back. Because it will.”

The post How the A2 Milk (ASX:A2M) share price tanked 5% in November appeared first on The Motley Fool Australia.

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Motley Fool contributor Tony Yoo owns shares of A2 Milk. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended A2 Milk. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Shares in AMP Ltd (ASX: AMP) have continued to struggle in recent weeks. Despite a 6% rally in October, the financial services company has weakened throughout November and early December. As a result, the AMP share price is within shooting distance of its 52-week low of 88.5 cents.

At the time of writing, shares in the multibillion-dollar wealth management business are down 1.9% to 93 cents. For comparison, the S&P/ASX 200 Index (ASX: XJO) has lifted this afternoon and is currently trading 0.13% higher.

So, what is weighing on the mind of AMP investors lately?

Time to pass around the collection plate

It appears investors of AMP shares have been shaken since 22 November 2021, when the company revealed it would continue as manager of the AMP Capital Wholesale Office Fund (AWOF).

In the same announcement, shareholders were told AMP Limited expected to contribute up to $500 million of capital support for the real estate business ahead of the company’s demerger. Given the company’s falling cash balance, this news wasn’t the best for anyone concerned with AMP’s balance sheet.

Unfortunately, only a few days later, the financial institution revealed a $325 million impairment charge. Detailing the charge, AMP said the charges were mostly non-cash and were a product of its comprehensive balance sheet review.

The impairment charges comprise partial impairment of deferred tax assets and a write-down of intangibles, among other things. Furthermore, the charges are expected to come to a total capital impact of $220 million for FY2021.

Following the update from AMP, analysts at Citi rated AMP shares a “neutral” and retained its price target of $1.25 per share. Importantly, the broker put a question mark over whether the financial services company would have sufficient capital for its infrastructure funds post-merger.

While the company detailed the breakdown of earnings for its emerged AMP Limited and PrivateMarketsCo at its recent investor day, separation of the company’s cash is hazy. Additionally, up to $295 million (post-tax) of demerger and transformation costs are expected in the coming years.

For this reason, Citi analysts are wary of the need for AMP to raise capital.

How have AMP shares performed?

The extensive scale of AMP on the ASX hasn’t prevented it from experiencing a substantial downfall over the years. In the past year, AMP shares have tumbled 46.6% in value. The financial services company maintains a market capitalisation of $3.02 billion in spite of the capital erosion.

A big shakeup for the company is likely to occur in the first half of 2022 if its demerger proceeds. However, the AMP Limited that emerges is hoped to be a simplified Australia and New Zealand retail wealth manager.

The post Own AMP shares? Here’s why the company could be looking to raise capital appeared first on The Motley Fool Australia.

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Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Kuniko Ltd (ASX: KNI) share price is treading lower on late Monday afternoon. This comes after the company announced an update on geochemical sampling analysis at its prospective Skuterud Cobalt project in Norway.

At the time of writing, the battery metals explorer’s shares are swapping hands for $1.21, down 1.22%

What were the results?

Investors appear unfazed by the company’s latest release to the ASX, sending the Kuniko share price lower.

In its statement, the company advised it has received the first geochemical soil sample assays from the Skuterud Cobalt Project. The encouraging results indicated a distinctive geochemical vector with arsenic, cobalt, and copper signatures towards the main ‘fahlband’ zone. This is believed to be extended on for at least 12 kilometres in a north-western direction from the Skuterud Mine.

A more detailed assessment of the geological data will be conducted and completed by February 2022. This will allow Kuniko’s technical team to identify drilling targets for the 2022 field season.

Kuniko CEO, Antony Beckmand commented:

The assay results at our Skuterud Cobalt Project offer further support that the anomaly identified by our geophysics program is on point, putting us in a prime position to firm up a drilling program for next year. The investment in the airborne geophysics, combined with the extensive soil sampling campaign, demonstrates that there is significant upside exploration potential, with drilling by pervious explorer Berkut having missed the mark.

These results and the pending assays from our Vangrofta Copper Project enable us to plan an efficient drilling program for next year.

Kuniko share price summary

Since debuting on the ASX boards on 24 August, Kuniko shares have moved in circles. The company’s share price hit an all-time high of $3.60 during the first opening weeks, before gradually treading lower.

Kuniko presides a market capitalisation of roughly $51.01 million, with more than 41.47 million shares outstanding.

The post Kuniko (ASX:KNI) share price heads south as company gears up for drilling appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Bitcoin (CRYPTO: BTC) price edged lower over the past 24 hours, down 0.5% to US$49,253 (AU$70,741).

But the big moves came over the weekend. A crash that’s left the world’s number one crypto by market cap down 15% since this time last week.

So what happened?

Bitcoin fails to live up to haven status…again

As The Motley Fool reported on 29 November, when news of the new Omicron COVID variant broke, most major cryptocurrencies sold off heavily alongside other risk assets.

And Bitcoin was no exception. In the space of a single hour, the price tumbled 9%.

While crypto enthusiasts have long spruiked the token as ‘digital gold’, meaning it can act as a haven in times of market turmoil, recent events haven’t seen it live up to that billing.

On Saturday, global markets and particularly risk assets in the tech space, again came under pressure, this time due to US jobs data and interest rate concerns.

The Bitcoin price fell hard too, going from more than US$56,961 to trade below US$46,882, according to data from CoinMarketCap.

As for gold, the yellow metal hasn’t exactly shot the lights out. But bullion is trading almost exactly where it was on Saturday, at US$1,784 per ounce. Which is what investors are after when they’re seeking so-called haven assets to hedge their portfolios.

What the experts are saying

Bitcoin’s price moves are increasingly correlated to swings in global share markets.

Liz Young, head of investment strategy at SoFi, doesn’t buy into the token offering a low risk investment option.

According to Young (quoted by Bloomberg):

The crypto industry looks at Bitcoin as like this super-low-risk option. And it looks at some of the other coins as the higher risk option. But take a step back, and the rest of us look at Bitcoin as a high-risk option in the broader investment landscape. So it’s all about your perspective and your comfort level.

And Katie Stockton, founder of research firm Fairlead Strategies, said “The decline was likely in part technically-driven, exacerbated by the derivatives market, and not helped by the downside momentum behind high-growth stocks on Friday, to which Bitcoin has been positively correlated,”

So what’s next for Bitcoin?

Addressing this weekend’s price crash and his forecast moving forward, Antoni Trenchev, co-founder of crypto lender Nexo said:

As usual, since crypto traders deploy leverage it results in cascading sell orders and liquidations. We should find support around [US]$40,000 to $42,000 and then rebound in line for a end-year rally. If that does not hold, we might revisit the July lows of $30,000 to $35,000.

Invest with care.

The post Bitcoin (CRYPTO:BTC) price crash dashes crypto’s safe haven status appeared first on The Motley Fool Australia.

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• Why Bitcoin, Ethereum, and Dogecoin are slumping today
• Is Australia on the precipice of mass crypto adoption?

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin and Ethereum. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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