(Bloomberg) — Bitcoin slumped over the weekend after rising back above $10,000 late last week, casting a cloud over its latest attempted rebound.
The largest cryptocurrency fell 10% on Sunday, according to Bit -stamp pricing. That was its biggest one-day drop since March 12. It has dropped 13% from Friday and traded at $8,673 as of 1:43 p.m. in Hong Kong, composite pricing on Bloomberg showed. The decline took place ahead of a closely watched, technical event known as halving.

   The Treasury Department will auction $63 bn 13-week and $54 bn 26-week bills at 11:30, having increased the offering amounts on each maturity by $3 bn compared to last week. At 13:00, Treasury will auction a record-large $42 bn in 3-year notes, the first leg of this week’s $84 bn in quarterly Refunding supply. The offering amount is $2 bn higher than in April. (IFR News)

   The Trump administration has no plans to keep President Donald Trump and Vice President Mike Pence apart, a person familiar with the matter said on Sunday, as concerns rise about the spread of the coronavirus within the White House….  Vice President Mike Pence is not in quarantine and plans to be at the White House on Monday, a spokesman said on Sunday, despite media reports that Pence was self-isolating after a staffer tested positive for the novel coronavirus (reuters)

 And all the hearing’s witnesses — Dr. Anthony Fauci, Dr. Robert Redfield, Dr. Stephen Hahn and Dr. Brett Giroir — will be testifying remotely after they were potentially exposed to the virus. Fauci announced over the weekend that he was beginning a “modified quarantine” after meeting a White House staffer who contracted coronavirus. “After consulting with Dr. Fauci, and in an abundance of caution for our witnesses, senators, and the staff, all four Administration witnesses will appear by videoconference due to these unusual circumstances,” Alexander announced (CNN)

 Markets

  Spoos lower …Global Times — Chinese officials suggest re-negotiating phase one trade deal with US. Some, angered by US’ malicious attacks on China, advise tit-for-tat approach on trade issues: Chinese sources

  Saudi Arabia to reduce crude oil production by an extra voluntary amount of 1 mil bpd in June- Crude rallies 150 ticks    Worries about China Deal weighing on Copper -1.35%, Gold Little changed Spoos -1%, Stoxx -1.3% Cac -1.2% all 19 Stoxx sectors lower on day Led by Basic resources and banks. Dollar bid Not good for risk, Bunds off a bit, BTPs yield Higher ,Treasuries Green on short end, lower long end. Fed cut its weekly QE purchases by $1 billion. All eyes on Powell Speech on Wednesday what will he say About negative rates