ICOCalendar.Today

  • ICO Directory đź“–
  • ICT Token 🔥
  • Blockchain News đź—ž
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project đź’Ł
  • Submit Press Release 👍
  • ICO Directory đź“–
  • ICT Token 🔥
  • Blockchain News đź—ž
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project đź’Ł
  • Submit Press Release 👍

Bitcoin is Significantly Outperforming Global Markets Despite Ongoing Selloff

3/9/2020

Comments

 
Bitcoin (BTC) and the aggregated cryptocurrency market have been moving in tandem with the global markets throughout the past couple of weeks, which has made the nascent asset class subjected to significant selling pressure. This close correlation has led many analysts and investors to deem the cryptocurrency’s classification as a safe-haven asset as nullified. In spite of this, it is important to note that the cryptocurrency has significantly outperformed the traditional markets over a multi-month period, leading some analysts to be “surprised” at how well it has performed despite the significant turbulence in the global markets. Bitcoin Forms Short-Term Correlation with Global Markets, Making it Prone to Further Downside Bitcoin has been closely tracking the major U.S. stock indices over the past few weeks, with their massive decent coming about in tandem with BTC’s decline from recent highs of $10,500. This correlation has become even more transparent today, with Bitcoin plummeting roughly 7% from daily highs of $8,800 to lows of $7,700, which has come concurrently with the 6% selloff seen by the Dow Jones and other benchmark indices. Jonny Moe, a prominent cryptocurrency analyst on Twitter, recently offered a chart showing Bitcoin’s price action laid on top of that of S&P 500 futures, elucidating the striking correlation seen in recent times. “BTC shown overlaid with SPX futures ES over the last month. Tell me more about this lack of correlation,” he noted while pointing to the chart seen below. $BTC shown overlaid with $SPX futures $ES over the last month. Tell me more about this lack of correlation. pic.twitter.com/R0fALpX25T — Jonny Moe (@JonnyMoeTrades) March 9, 2020 Although Bitcoin isn’t fundamentally correlated with the traditional markets or the global economy, its status as a “risk-on” asset leads investors to remove capital from the crypto when they perceive risk in other markets. BTC Still Showing Signs of Strength Over a Multi-Month Time Frame  Although Bitcoin has shown some signs of weakness today as the global markets face an intense selloff, it is important to note that it is still outperforming the equities markets on a year-to-date time frame. Ari Paul, a managing partner at BlockTower Capital, spoke about BTC’s bullish price action seen throughout 2020 in a recent tweet, noting that while equities are down 15% or more from where they started the year, Bitcoin is still up over 7%. “BTC isn’t a safe haven (yet).  I’ve always predicted it would decline with a big equity sell off.  Frankly, I’m very surprised at how well it’s held up.  BTC up 7%+ on the year with equities down ~15%.  We’ll have to see what happens, but darn good performance for a risky asset.” BTC isn't a safe haven (yet). I've always predicted it would decline with a big equity sell off. Frankly, I'm very surprised at how well it's held up. BTC up 7%+ on the year with equities down ~15%. We'll have to see what happens, but darn good performance for a risky asset. — Ari Paul ⛓ (@AriDavidPaul) March 9, 2020 Although the benchmark cryptocurrency’s close correlation to the traditional markets over the past few weeks has been striking, it is important to keep in mind that it is still outperforming more traditional asset classes, which is a trend that could continue strong for the weeks and months ahead. Featured image from Shutterstock.

Via https://www.newsbtc.com/2020/03/09/bitcoin-is-significantly-outperforming-global-markets-despite-ongoing-selloff/
Comments

    Blockchain News

    Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.
    BLOCKCHAIN NEWS

    Archives

    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    November 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017

    RSS Feed

​About

  • About us​
  • ICT Token
  • News​​
  • Testimonies
  • Terms of Service​​
  • ​​We on Google News​ 🤑
  • ​We in the media
  • ​Partners

Let's connect!

News Feeds

  • Blockchain News
  • Jobs Board 👨‍🎓
  • Bitcoin News
  • Ethereum News
  • Binance News
  • ​Tron News
  • Cardano News
  • EOS News
  • Tezos News
  • Stock Markets
  • COVID-19 News
  • Crypto News
  • Chainlink News
  • Litecoin News
  • Dash News
  • Monero News
  • ETC News
  • NEO News
  • Maker News
  • DeFi News
  • ZCash News
  • Algorand News
© 2017-2020 ICOCalendar.Today. All Rights Reserved.