Bitcoin closed its Thursday trading session in red even as an optimistic June employment report boosted risk-on sentiment.
The cryptocurrency’s losses contrasted gains on Wall Street, showing first signs of decoupling after weeks of strong positive correlation.
At the same time, the plunge showed Bitcoin second-guessing the US economy’s recovery amid rising COVID cases.
Did Bitcoin spot a significant error in an otherwise positive US jobs report? Apparently, yes.
The benchmark cryptocurrency plunged by a modest 1.61 percent to circa $9,091 at the Thursday session close. The dull finish surfaced despite favorable risk-on sentiments led by the news that the US added 4.8 million jobs to its economy in June. On the other hand, stocks rallied.
Bitcoin price chart showing its latest decoupling from the S&P 500. Source: TradingView.com
The event showed the first signs of decoupling between Bitcoin and the S&P 500 after weeks of strong positive correlation. Stock investors favored the optimistic data against the grim outlook raised the rising number of COVID infection rates. Meanwhile, Bitcoin traders remained cautious.
US Jobs Recovery Uncertain
Part of the reason why the top cryptocurrency did not tail the S&P 500 on Wednesday also points to underlying troubles with the US jobs data. Indeed, the report showed the unemployment rate ticking down from 13.3 percent in May to 11.1 percent. But, it did not address the rising number of permanently unemployed workers.
The Conference Board, a New York-based nonprofit, sheds more light on the matter. In a press release published Thursday, the organization stated that more than 1.4 million Americans filed for unemployment benefits last week. It also accused the Department of Labor of misclassifying jobs, noting that the actual jobless rate is around 12.3 percent, not 11.1 percent.
“On top of that, the large government stimulus – especially the unemployment benefits it provides – will mostly end in the coming month, and its future is uncertain,” the Conference Board added.
Realistic vs. official Unemployment rate in the US. Source: Bureau of Labor Statistics
It does not mean that every Bitcoin trader assessed the US jobs data and decided to sell the news. But the cryptocurrency’s plunge against the S&P 500’s jump showed that some traders spotted the said error before the Wall Street. Or, in simple terms, they just got bored of the cryptocurrency’s flat trend and sold it at the local top.
What’s Ahead of Bitcoin
As the US market goes on a long weekend holiday to celebrate the independence day, Bitcoin stands pretty much on its own until Sunday evening.
Traders may keep watching the number of COVID cases as their cues to understand the next stock market phase. The S&P 500 may pare some of its gains on Monday on profit-taking sentiment, leaving Bitcoin either flat or depressive.
Bitcoin opened flat in the early Friday session. Source: TradingView.com
It all narrows down to technicals in absence of major fundamental drivers. Josh Rager, a cryptocurrency market analyst, said on Friday that Bitcoin would anyway benefit regardless of its bearish/bullish/sideways bias.
“If it breaks up, price likely ranges over $10k+ for a while – after being held below $10k for so long,” he tweeted. “If price breaks down, it will give more time to accumulate in 4-digit territory.”
Bitcoin was trading 0.03 percent higher at $9,093 at the time of this writing. origin »
Long term Wall Street bear and bitcoin holder, David Tice predicts that the stock market will crash fall by 30% in a retreat that will persist for two years. Although the veteran investor is not giving the specific commencement date for this downturn, he warns that when it breaks, “it’s likely to break hard and […]
It’s the last Friday of the month, a time when the old financial system and the new flash boys stare at each other more intensely than bulls or bears. Futures...
Bitcoin has come closer to forming a dreaded Wall Street chart pattern: the Death Cross. The bearish technical indicator materializes when an asset’s long-term moving average crosses above its short-term moving average.
Bitcoin has seen a tempered upswing over the past several hours that has come about in tandem with a rise in the stock market This upwards movement has done little to alter its underlying technical strength, as it still remains squarely within its long-held trading range This move has also led it up against a massive sell wall on Binance, which may slow the cryptocurrency’s ascent and stop it from incurring any notable momentum There […]
For the umpteenth day in a row, Bitcoin has stalled in the low-$9,000s. Bulls and bears have found themselves at an impasse, with neither side forming a trend as there is also indecision in the equity market.
Since the outbreak of the COVID-19 pandemic, the financial world has been volatile, to say the least. In the last several months, markets have seen historic rises and drops. Just last week, CNBC reported that although the Dow Jones experienced a 400 point rise, Wall Street clinched their biggest weekly loss since March. A lot […]
One of the longest-held questions shared by Bitcoin investors is when Wall Street will enter the cryptocurrency market. The idea goes that once mainstream financial institutions make a foray into this nascent industry, it will be cemented as bonafide, thus resulting in a rally.
Institutional investors are taking up positions in the Bitcoin market attracting some of the biggest Wall Street hedge funds and financial institutions. WisdomTree Investments, a $60 billion dollar hedge fund, announced the launch of an electronic traded fund (ETF) index comprising of a number of digital assets including BTC.
It’s been a brutal past 24 hours for Bitcoin. After attempting to secure $10,000 as support on June 10th, the cryptocurrency failed to do so, diving instead of rallying as most investors were expecting.
Two weeks ago, two Goldman Sachs executives came out strongly against Bitcoin in a client call.
The post CME Bitcoin futures open interest is up 310% in 2020: Wall Street wants BTC appeared first on CryptoSlate.
Bitcoin advocate and Wall Street veteran Mike Novogratz is joining forces with Bakkt to help asset managers invest in crypto. Ushering in Next Wave of Institutional Money Novogratz’s Galaxy Digital...
The post Novogratz and Bakkt Partner, Responding to Institutional Interest in Bitcoin appeared first on Crypto Briefing.
Despite President Trump?s bashing Bitcoin for being based on nothing, in 2020, major players from the Wall Street have been buying gargantuan amounts of BTC
The key $10k level has proven to be a stubborn hurdle for bitcoin to obliterate in recent weeks. The cryptocurrency has repeatedly tapped $10,000 but has failed to gather enough momentum to keep it above the critical resistance wall.
June 2nd saw the Bitcoin market take a massive blow after a massive sell-off event. As reported by Bitcoinist, due to what seemed like an influx of sell pressure from a mining pool, the cryptocurrency dove $1,500 in three minutes on BitMEX.
We used to do barting down, now we are barting up with a perfect one starting in a big green candle to above $10,000 to end with a big red...
The post Did Wall Street Crash Bitcoin? appeared first on Trustnodes.
Cryptocurrencies and Wall Street have a love-hate relationship, at the moment. While some traditional investors like Paul Tudor Jones are starting to invest in crypto-markets, there are others like JaThe post Bitcoin, Wall Street to continue their love-hate relationship appeared first on AMBCrypto.
Institutional interest in Bitcoin is increasing, so much so that major firms are buying up the asset at unprecedented rates. Grayscale has been aggressive on BTC acquisition since the halving. The investment firm has purchased 18,910 bitcoins over the past couple of weeks according to investor Kevin Rooke [@kerooke], who added, “Wall Street wants Bitcoin, […]
The post Grayscale has Bought More Bitcoin than has Been Mined Since Halving appeared first on BeInCrypto.
It has been evident that Wall Street wants Bitcoin. New data has shown that Grayscale investments have doubled down on Bitcoin purchases since the 2020 halving. Now, the group is buying 1. 5 times the amount of Bitcoin mined.
Bitcoin has been subjected to unprecedented turbulence throughout the past few months, declining to lows of $3,800 before rocketing to highs of $10,500 This volatility hasn’t been enough to thwart large market players from foraying into the digital asset Macro investor Paul Tudor Jones has been one of the first traditional investors to publicly profess his interest in BTC, but data shows that he isn’t the only one on Wall Street who is buying Bitcoin […]
Wall Street is accumulating bitcoin (BTC) at a rapid clip, disregarding what skeptics like Goldman Sachs have to say. A new report has revealed that institutional investors have bought a lot of BTC since its halving on May 11.
The expert Whale Panda hints at a Bitcoin short-to-mid-term price surge as Wall Street has actively been purchasing all of the newly minted BTC since the supply cut
When Bitcoin crashed to $3,700 in March on the back of a global liquidation in financial markets, there were many throwing in the towel. At the time, there were prominent analysts calling for the cryptocurrency to fall under 2018’s lows, while critics doubled down on their assertions that BTC was a “scam” and an “asset for criminals.
Mass crypto adoption, as a topic, has been in the spotlight for almost a decade now. However, flights of fancy apart, there are a number of factors that affect the adoption of cryptocurrencies, perhapThe post Bitcoin community's collaboration with Wall Street might 'make things better' appeared first on AMBCrypto.
Bitcoin looks ready to enter a new bullish cycle, but getting past the $10,000 resistance level is proving to be a significant barrier. A Major Resistance Wall Ahead of Bitcoin...
The post Getting Past $10,000 May Ignite a New Bitcoin Bull Run appeared first on Crypto Briefing.
Bitcoin's recent price rally and industry optimism contrast with the downbeat tone in the U.S. stock market. Even Visa's CEO says digital currencies could be "additive to the payments ecosystem."
Is Bitcoin a good mode of payment or a good store of value? This debate has been on for a very long time. However, Bitcoin's limitations make it more inclined to be a store of value in comparison to The post Is Wall Street's interest in Bitcoin driven solely by FOMO? appeared first on AMBCrypto.
Panic across Wall Street over tech stocks potentially tanking is also causing speculation that Bitcoin may follow suit. After a bearish daily close in most top tech stocks and the Nasdaq-100, the outlook is grim, and the increasingly bullish cryptocurrency market may suffer as a result.
According to a Form-D filing with the US Securities and Exchange Commission, the New York Digital Investment Group has sold almost $140 million in its NYDIG Bitcoin Yield Enhancement Fund LP. The pooled investment Bitcoin fund was previously unknown to the public but was awarded a BitLicense in 2018.
Bitcoin (BTC) may not have pumped at the scale expected by many halving optimists, but Wall Street billionaire Michael Novogratz insists that the price will hit $20,000 by year-end. The Galaxy Digital founder and chief executive officer on Monday told CNBC that bitcoin’s surge was inevitable in light of the record money printing by world […]
The post Halving Sell-Off Temporary, BTC to Hit $20,000 by Year End, Says Billionaire Investor Novogratz appeared first on Bitcoin News.
American banking giant JP Morgan Chase has accepted two clients involved in the emerging bitcoin sector. U. S. cryptocurrency exchanges Coinbase and Gemini received account approvals after a long wait, according to the Wall Street Journal.
Just three hours ago, Bitcoin’s latest block reward halving finally came to pass. Unlike optimists expected, the market didn’t pump in the wake of this event. Instead, BTC is actually down more than 15% in the past three days, having rallied as high as $10,100 on Thursday to only fall to $8,400 as of the time of this article’s writing.
Just last week, the cryptocurrency market got excited with the news that pioneer Wall Street hedge fund manager Paul Tudor was buying bitcoin (BTC) to hedge against inflation caused by quantitative easing.
The American hedge fund manager Paul Tudor said his fund has a “low single-digit percentage…in Bitcoin futures,” and he is betting on this digital currency to overcome future monetary inflation as it reminds him of the role gold played during the 1970s where inflation caused great losses in the American economy.
Bitcoin topped at $9,300 for the first time in a week on “halving FOMO. ” The cryptocurrency’s upside move surfaced as the S&P 500 index pointed towards new gains at the Wednesday’s open on Wall Street.
When it comes to covering Wall Street on television, CNBC was the one that started it all. But as far as the cryptocurrency market is concerned, the mainstream business network should probably stick to its knitting.
The price action over the past few days has undoubtedly been positive for Bitcoin. Case in point: the cryptocurrency ripped over 20% higher from the mid-$7,000s to a price as high as $9,500 over the course of 48 hours.
The price action over the past few days has undoubtedly been positive for Bitcoin. Case in point: the cryptocurrency ripped over 20% higher from the mid-$7,000s to a price as high as $9,500 over the course of 48 hours.
Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a fresh increase in the near term. Bitcoin started a fresh increase from the $94,200 zone.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.