It has been an incredibly turbulent past couple of weeks for the global markets, with the US stock market seeing intense losses while Bitcoin (BTC) and the aggregated crypto market continue facing some intense downwards pressure.
Although BTC has been closely correlated to the traditional markets over the past few days, it is important to keep in mind that this correlation appears to have broken today, as the major US stock market indices have bounced today while Bitcoin remains stuck below $9,000.
The benchmark cryptocurrency’s recent price action has led one Gold bug and outspoken crypto critic to note that BTC is especially bearish due to its inability to pump with yesterday’s emergency 50 basis point rate cut from the Federal Reserve.
Bitcoin Stagnates as US Stock Market Recoups Yesterday’s Losses
It has been a rollercoaster of a week for the US stock market, with the benchmark indices incurring incredibly volatile price action.
The week kicked off with an intense rally that led the Dow Jones to surge over 5%, with the S&P 500 and Nasdaq both climbing over 4%. This movement came on the heels of one of the worst weeks the market has seen since the 2008 financial crisis.
Yesterday, however, the majority of these gains were lost due to yet another sharp selloff, with the latest drop coming about in the hours following an emergency 50bps rate cut from the Fed.
Today the markets have once again climbed higher, with the Dow Jones climbing 2% while the S&P 500 has climbed 1.6%.
Bitcoin has not been able to match the stock market’s momentum, as the cryptocurrency is currently trading down just under 1% at its current price of $8,750.
Gold Bug: BTC Highly Bearish Following Recent Reaction to Rate Cut
Peter Schiff, a prominent Gold bug, once again bashed Bitcoin in a recent tweet, explaining that its inability to rally in spite of the recent 50bps rate cut and volatility within the traditional markets calls into question what circumstances will cause it to rally.
“If Bitcoin can’t rally with an emergency 50 basis point rate cut, plus all of the recent stock, bond, currency and gold market volatility, under what circumstances will it rally? If Bitcoin won’t go up, why own it? The answer to that question is ‘sell.’ Look out below!”
If @Bitcoin can't rally with an emergency 50 basis point rate cut, plus all of the recent stock, bond, currency and gold market volatility, under what circumstances will it rally? If Bitcoin won't go up, why own it? The answer to that question is "sell." Look out below!
— Peter Schiff (@PeterSchiff) March 3, 2020
Interestingly, Bitcoin did rally on the heels of yesterday’s rate cut, although all its momentum was lost when the cryptocurrency faced a swift rejection at $8,900.
It still remains unclear as to whether or not the stock market’s rally today will help pull Bitcoin up as well, or if the resistance it faces around its current price levels will be insurmountable.
Featured image from Shutterstock. origin »
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Ethereum (ETH) has seen some intense bearish price action over the past couple of days, which has largely stemmed from the bear-favoring market structure that Bitcoin has formed in the time following its recent “flash crash” below $10,000.
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The post Ethereum price plummets despite strong network activity growth appeared first on CryptoSlate.
Ethereum, like most other major cryptocurrencies, has been facing some bearish price action over the past day, with Bitcoin’s recent movement to below $10,000 leading ETH and the aggregated market to see some intense selling pressure.
The aggregated crypto market has been caught within a firm and unwavering uptrend throughout the past 5 weeks, with Bitcoin’s movement towards $10,000 allowing altcoins like Litecoin to see some intense upwards momentum. In the...
Ethereum has been one of the best performing major cryptocurrencies throughout 2020, with ETH posting a massive rally that sent it from yearly lows of $120 to highs of just under $230. This intense uptrend has allowed the crypto to form a highly bullish market structure, and its ability to hold above $225 over the... The post appeared first on NewsBTC.
XRP saw some intense bullishness over the past week, with the cryptocurrency clocking some major gains in the early part of the week while Bitcoin and the aggregated crypto market faced some bearish turbulence.
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Although XRP was one of the worst performing major altcoins in 2019, it may be the dark-horse of 2020, as the crypto is on the cusp of breaking an intense 750-day downtrend. The break of this long-respected descending resistance line could spark a massive trend reversal that places the embattled cryptocurrency firmly in the throes... The post appeared first on NewsBTC.
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In the past 24 hours, the Bitcoin price increased from $9,550 to $10,400 in a short term trend reversal following several days of intense pullback. The decline in BTC trading volume with the rest of the cryptocurrency market may demonstrate a lack of decisive movement, but may also indicate that heightened sell pressure has started to […]
The post Bitcoin price surges to $10,400 in short-term reversal, industry executives confident appeared first on CryptoSlate.
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PowerBrain. Shop® is a One-Stop-Artificial-Intelligence-Shop providing Blockchain token based modular, standardized and flexible AI PowerBrain™ technology and tools helping businesses across all industries to easily implement high quality AI solutions which optimize their core business processes and support their transformation to more sustainable 21st century businesses.
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Bitcoin Magazine
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