• About Us
  • Privacy Policy
  • Contact Us
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptounfold
No Result
View All Result
Home Bitcoin

Bitcoin Shatters Its Correlation to Gold as It Tanks Alongside Equities

by admin
October 3, 2020
in Bitcoin
0
0
SHARES
8
VIEWS
Share on FacebookShare on Twitter


Related Posts

US Justice Department Executes First Criminal Crypto Charge

Sam Bankman-Fried: Bitcoin Isn’t A Viable Payment Network

Bitcoin & Energy Merge In Texas: 3 Giant Companies Announce New Mining Facility

44 Countries Set To Meet El Salvador To Discuss Bitcoin, Here’s What We Know


  • Bitcoin’s price has been facing immense sell-side pressure throughout the past couple of days
  • This has mainly resulted from the revelation of multiple bear-favoring news events
  • These events – including the BitMEX imbroglio and President Trump’s health – have led many analysts to expect it to see significantly further downside in the days and weeks ahead
  • They have also caused Bitcoin to break its former correlation with gold and begin, once again, moving in sync with the stock market
  • This trend, should it persist, could hamper Bitcoin and the aggregated crypto market’s growth for the days, weeks, and months ahead

Bitcoin and the aggregated crypto market were struck a lethal blow overnight when stock futures plunged due to news of President Trump being infected with the lethal virus.

That being said, the cryptocurrency has been surprisingly resilient in the face of this bearish news, with bulls being able to stop it from breaking below the support that has been established around $10,400.

This latest decline also came about close on the heels of news surrounding the CFTC’s decision to charge the owners of BitMEX for violating multiple regulations.

That being said, BTC is only down roughly 5% from its recent highs, and is actually showing some subtle signs of technical strength at the moment.

Bitcoin Rebounds from Overnight Lows as Bulls Try to Regain Control

The recent news events that have rocked both the crypto-sphere as well as the traditional markets have undoubtedly been bearish for Bitcoin, but the cryptocurrency’s price hasn’t reacted how many expected it would.

At the time of writing, Bitcoin is trading down less than 1% at its current price of $10,550. This marks a notable rise from recent lows of $10,400 that were set at the bottom of the recent market-wide selloff.

Where the cryptocurrency trends in the mid-term will likely depend somewhat on the stock market, which is currently sinking.

BTC Firmly Breaks Correlation with Gold

One bearish trend that has come about as a result of Bitcoin’s recent price decline has been a firm decoupling with gold as it starts closely tracking the stock market.

While speaking about this trend, one analyst explained that it does not bode well for BTC.

“Gold pumping, BTC dumping on this news. I think, once and for all we can all agree that BTC is not correlated to gold and is correlated to equities, no chopping and changing whenever it suits our bias, this is how it is now,” he noted.

Image Courtesy of SmartContracter. Chart via TradingView.

Whether or not this correlation grows stronger or begins dissolving in the near-term should offer significant insights into Bitcoin’s near-term outlook.

Featured image from Unsplash.
Charts from TradingView.





Source link

Tags: BitcoinCorrelationEquitiesGoldShattersTanks

Popular

Press Release

Knox Wire Uses Distributed Ledger Technology to Improve Real-Time Gross Settlement Service

by admin
March 26, 2022
0

Blockchain technology has infiltrated every industry in recent years, making them safer and more effective. Now, it has reached the...

Read more

Elimobile Launches the First Tokenized Telco, Partners with Elite Token to Create a Celebrity Powered Ecosystem

May 16, 2022

Lazy 8ight Yacht Club Announces Plans To Expand Its Digital Marine Exploration

May 12, 2022

The original DogekingDAO Foundation has reached a cooperation with the project DAO autonomous organization

May 11, 2022

Users of "Fitcoin", A Mobile Fitness App, Are Rewarded for Staying Fit

May 16, 2022

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • Cardano Metaverse IDO Platform GOmetalaunch Launches It’s ISPO Ahead Of It’s $URGO wallet Testnet Release
  • Voyager Digital Downgraded by Compass Point on Concerns Over Crypto Markets, Retail Investing
  • Rethinking Social Media for the Metaverse
  • xSPECTAR: A Big Step Towards Virtual Economy & Exclusive Ecosystems
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptounfold.org

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptounfold.org

  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$49,095.002.28%
  • ethereumEthereum(ETH)$3,384.05-0.62%
  • HEXHEX(HEX)$0.1290085.45%
  • cardanoCardano(ADA)$2.18-2.77%
  • tetherTether(USDT)$1.00-0.27%
  • binancecoinBinance Coin(BNB)$425.46-0.83%
  • SolanaSolana(SOL)$166.52-1.81%
  • rippleXRP(XRP)$1.04-1.73%
  • usd-coinUSD Coin(USDC)$1.000.74%