Bitcoin

Bitcoin and Crypto Rock Solid Despite Over 2% Drop in S&P 500, Will It Sustain?

Regardless of a pointy correction within the U.S. fairness markets on Thursday, September 29, Bitcoin (BTC) and the broader crypto market have remained rock stable with little volatility. As of press time, BTC is buying and selling 0.42% down at a worth of $19,357 with a market cap of $371 billion.

On the weekly chart additionally, the BTC has proven lower than 1% motion and has been holding up fairly nicely. On the identical time, the S&P 500 underwent a really sturdy on Thursday, tanking greater than 2%. So what we’re seeing now may very well be the preliminary indicators of Bitcoin’s long-term decoupling from the U.S. fairness market. As on-chain information supplier Santiment stories:

#Bitcoin has caught round $19.4k and #Ethereum at $1,340 at the moment. However the story is the truth that they’re doing so with out the assist of the #SP500, which is down -2.4%. If the correlation is easing between #crypto & #equities, that is very encouraging.

Courtesy: Santiment

Bitcoin vs Banks

As we all know, central banks throughout the globe have been struggling to cope with present macro situations. Amid its quantitative tightening measures, the British central financial institution has pivoted to cash printing measures to guard its bond market.

Talking at CNBC’s Delivering Alpha conference on Wednesday, legendary investor Stanley Druckenmiller believes that crypto might see a revival because the belief within the central financial institution fades away. The investor believes that the U.S. financial system is already in serious trouble and that recession could be very probably by 2023. He added:

I might see cryptocurrency having a giant position in a Renaissance as a result of folks simply aren’t going to belief the central banks.

The investor stated that he doesn’t personal any crypto as of now however added “it’s robust for me to personal something like that with central banks tightening”. Sven Henrich, the founding father of NorthmanTrader, a markets analysis agency said: “You already know we’ve reached a singular time in historical past when #Bitcoin instantly is much less risky than fiat currencies”.

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