Bitcoin hit a price of $42,874.62 early this Saturday morning. The largest cryptocurrency asset has not seen prices like this in nearly two months, and nonetheless in a 12% decline overnight. While many fear this to be a sign of an impending bear market, it is nothing more than a shakeout influenced by the recent decline in the stock market. Stock Market Pressure In recent weeks the stock market has seen selloffs of billions of dollars from billionaires like Elon Musk and Jeff Bezos. This is because the Biden administration is imposing a surtax on multimillionaires and billionaires. The tax is 5 percent on households making $10 million or more,…
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- Monday’s Bitcoin rally in China’s Stock market, after BTC barely avoided breaking below 9,000 on Sunday [times in UTC] (Photo: TradingView).
Monday Bitcoin price rally tracks stocks, hides weak performance
Bitcoin still dances to the tune of macro markets; analyst predicts BTC $190,000 if the S&P 500 cracks 4,000
A push to $9,200 fuelled by stock market optimism hides otherwise weak price performance in Bitcoin, with no end to the correlation in sight. Bitcoin faces a major test at the start of a new week’s trading, as an unlikely global stock market rally contrasts with rising uncertainty over COVID-19.
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Crypto’s Gold Replacement Theology remains a myth—for now
Data show Bitcoin isn’t the gold-replacing safe haven touters say it is
For the past several days, Bitcoin/self-promoters have been touting the cryptocurrency as a safe haven from uncertainty in the markets. In other words, they are letting fantasy get in the way of reality.