Bitcoin Resilience Remains As Stock Market Closes Worst Day In Months

2020-10-27 18:02

The stock market yesterday closed its worst single-day decline in nearly two months, causing the richest people in the world to lose over $14 billion in net worth. Bitcoin also pulled back yesterday, but as of this morning is already trading higher than before, while the S&P 500, the Dow Jones, and the Nasdaq continue to plunge.

What’s causing this sudden divergence between the two vastly different asset classes that all this year have been tightly correlated, and can the leading cryptocurrency by market cap keep it up?

US Indices Tank As Election Day Draws Closer, Uncertainty Turns To Fear For Stock Market Investors

The incredibly controversial showdown between President Donald J Trump and former Vice President Joe Biden will culminate on November 3rd, and US stock market investors are de-risking ahead of what could be a stormy time for the country.

Coinciding with the political climax is a second wave of the pandemic, and what is expected to be the least profitable Q4 in years for the retail industry.

RELATED READING | ALWAYS ON: BITCOIN TO SURPASS S&P 500 TRADING TIME WITHIN TWO YEARS

The fear of the unknown and potential changes to corporate and capital gains tax laws has investors selling ahead of the year-end, booking what has likely been a surprisingly profitable year for most, considering the condition of the economy.

Bitcoin rises while the Dow Jones plunges to worst day in months | Source: BTCUSD on TradingView.com

All of this combined caused major US stock indices such as the Dow Jones Industrial Average to close their worst day in the last two months. But what’s really interesting about this, is the fact that Bitcoin has been rallying to new 2020 highs while the stock market its been correlated to all throughout 2020 has been falling.

Bitcoin Resilience And Decoupling Discussions Turns Crypto Market To Greed

Bitcoin had a strong pullback yesterday as the Dow Jones, S&P 500, and Nasdaq all broke down from support. Each major US stock index headed lower as of this morning’s opening bell.

The leading cryptocurrency by market cap, yet again set another new high for the year today, demonstrating a strong bullish trend compared to the bearish stock market. Crypto analysts have been calling for a decoupling of the correlation that’s plagued Bitcoin throughout the year.

BTC correlation with the NDX, SPX, and DJI throughout 2020 finally decoupling | Source: BTCUSD on TradingView.com

After the February peak in both stocks and crypto, Black Thursday has left the entirely different markets closely intertwined in terms of price action. But that’s finally broken, as the correlation chart indicates below.

RELATED READING | DECOUPLED: ANALYZING BITCOIN DIVERGING AWAY FROM THE STOCK MARKET

Bitcoin isn’t fully out of the water, however. The cryptocurrency has deviated before, and this could suggest that stocks will reverse, or Bitcoin will, putting them back on parity.  However, if the decoupling truly is here, Bitcoin’s bull run could be further fueled by stock market money following where the profitability is, and that could be the cryptocurrency for the next several years.

Featured image from Deposit Photos, Charts from TradingView.com

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yesterday bitcoin worst months stock market trading

Источник: bitcoinist.com

yesterday bitcoin → Результатов: 126


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The Bitcoin price has crashed from over $72,000 yesterday to as low as $65,500. As reported earlier today, there are several obvious reasons for this, such as the liquidation of extensive long positions on the red-hot futures market, expectations of a “higher for longer” policy by the US Federal Reserve as a result of hotter than expected inflation data and a relatively weak inflow day for the spot ETFs yesterday.

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Bitcoin is Pushing Against a Crucial Level as Chances of an Explosive Rally Grow

Bitcoin and the entire crypto market saw a strong afternoon yesterday. This allowed BTC to push up towards $11,800 The cryptocurrency is now caught within what will likely be a short-term consolidation phase at just under $12,000 Whether or not it can surmount this crucial resistance today will help offer insights into its short-term outlook One analyst explained in a recent tweet that yesterday’s daily close does seem to indicate that a break above this […]

2020-8-7 21:00


$40 Billion Wiped Out Of The Crypto Market Following Bloody Correction Move

After the price boom enjoyed by Bitcoin (BTC), a sudden correction showed up in the late hours of yesterday that sliced its price down from the high $13,880 to under $12,000. This created panic and a massive sell-off traffic that made a number of exchanges to go offline momentarily to be able to handle the […] The post $40 Billion Wiped Out Of The Crypto Market Following Bloody Correction Move appeared first on ZyCrypto.

2019-6-27 11:32


Фото:

Hackers target major UK supermarket’s Twitter with phoney Bill Gates Bitcoin scam

Hackers took control of British multinational retailer Tesco’s Twitter account yesterday, urging followers to send Bitcoin to a wallet address and promising to return twice the value received. Luckily, though, Tesco’s followers did not fall for the Bitcoin scheme as no funds were deposited in the wallet address shared by the hackers.

2019-6-25 19:32


Фото:

Swede facing extradition to US over $11M Bitcoin investment scam

A Swedish citizen has been charged with securities, wire fraud, and money laundering in a scheme that saw him encourage victims to invest using cryptocurrencies such as Bitcoin In a complaint submitted on March 4, 2019, and unsealed yesterday, Roger Nils-Jonas Karlsson and his company, Eastern Metal Securities (EMS), were charged with engaging in a scheme that defrauded more than 3,500 victims of over $11 million.

2019-6-20 11:49


Bitcoin Price Prediction Today: Daily (BTC) Value Forecast – June 20

The hurdle to jump over is the $9,400 overhead resistance. From the Fibonacci retracement level, the BTC market is trading above the 0.236 and 0.382 Fib. retracement levels. BTC/USD Medium-term Trend: Bullish Resistance Levels: $9,000, $9,200, $9,400 Support levels: $8,800, $8,600, $8, 400 Yesterday, June 19, the BTC price was in the bullish trend zone. […]

2019-6-20 05:26


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