FUD is rising

Hi, this is Stacy-Marie Ishmael in New York. I edit Bloomberg’s crypto coverage. Traders have been white-knuckling recent price swings in Bi [View in browser]( [Bloomberg]( Hi, this is Stacy-Marie Ishmael in New York. I edit Bloomberg’s crypto coverage. Traders have been white-knuckling recent price swings in Bitcoin, Ether and more. But first… Today’s top tech news: - Tech stocks bounced back after a [tumultuous Monday]( - IBM posted its [best sales growth]( in 10 years thanks to cloud demand - “Cyber Partisans” say they hacked a [Belarusian rail network]( to disrupt Russian troop movement A programming note: Be one of the first to get the Bloomberg Crypto Newsletter, launching Tuesday. [You can sign up here](. Crypto chaos If you've spent any time trying to make sense of what's been happening in the world of digital assets these past few weeks, you'd be forgiven for feeling a sense of whiplash. Wild swings across the broad universe of cryptocurrencies have [tested the resolve](bbg://news/stories/R68CZXT0AFB4) of even their most fervent devotees. Normally, in trying times, the message for the crypto faithful is to “[hodl](.” But it's one thing to encourage your friends and family to “buy the dip” when Bitcoin is trading a few thousand dollars off recent peaks; it's another thing to be the object of outrage and ridicule in the group text when prices are trading more than 50% down from their all-time highs. Bitcoin has lost more than $600 billion in market value since its November high, and over $1 trillion has been drained from cryptocurrencies in aggregate. Countries ranging from the U.S. to Russia and Myanmar have threatened to crack down on some or all elements of the market. Plus, it's tax season in the U.S., which means some retail investors are realizing that the [IRS has strong feelings](bbg://news/stories/QX42UBT0AFBD) about those expensive Bored Apes. Meanwhile, Kim Kardashian and Floyd Mayweather are facing[a class action lawsuit](bbg://news/stories/R5K1CAT0AFB8) over their endorsement of a token called EthereumMax. Tom Brady's [laser eyes]( won't be at the Super Bowl. And not even the Matt Damon-backed exchange Crypto.com has been immune to [this latest outbreak](bbg://news/stories/R60BH7T0AFB6) of bad market vibes. Crypto enthusiasts like to dismiss the fallout from this kind of news as “FUD,” or “fear, uncertainty and doubt.” I once asked a cryptophile acquaintance of mine what he considered to be the strongest argument against FUD. Without missing a beat, he quipped, “reality.” And yet, right now, the most realistic indicators point to continued volatility. How much volatility? Some traders are expecting a floor for Bitcoin at [around $30,000](bbg://news/stories/R67Y43DWX2Q1), down from a high of almost $69,000 reached last November. The more bullish among them, including Mike McGlone of Bloomberg Intelligence, are taking the over on that bet. McGlone, for his part, expects a range between $40,000 and $100,000 for the biggest and most liquid of the digital tokens. That is quite the spread, which should serve as a reminder that as financial assets go, Bitcoin and crypto more broadly are the still the newest kids on the block (...chain). And their performance is still wildly unpredictable. —[Stacy-Marie Ishmael](mailto:sishmael@bloomberg.net)  If you read one thing Beijing readies its startup arsenal. The Chinese government is giving special support to thousands of small companies working on strategically important sectors like chips and enterprise software. Called “little giants,” the startups are part of an ambitious government program aimed at fostering a technology industry that can [compete with Silicon Valley](. What you need to know Venture investors are back in love with [online news outlets](. Google is being sued by a group of state attorneys general over [alleged deceptive tactics]( designed to trick consumers into disclosing location data. It’s hard to be a [Canadian tech company](. Follow Us More from Bloomberg Dig gadgets or video games? [Sign up for Power On]( to get Apple scoops, consumer tech news and more in your inbox on Sundays. [Sign up for Game On]( to go deep inside the video game business, delivered on Fridays. Why not try both? Like Fully Charged? | [Get unlimited access to Bloomberg.com](, where you'll find trusted, data-based journalism in 120 countries around the world and expert analysis from exclusive daily newsletters. You received this message because you are subscribed to Bloomberg's Fully Charged newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](