Bitcoin and Crypto Market Consolidation Despite S&P 500 Price Drop
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Answer Bitcoin and Crypto Market Consolidation Despite S&P 500 Price Drop
Despite a sharp correction in US stock markets on Thursday, September 29th, Bitcoin and the crypto market in general remained solid with little volatility.
At press time, Bitcoin is trading up 1.4% at $1,9593 with a total market capitalization of $375 billion.
Also on the weekly chart, bitcoin price showed a movement of less than 2% and held up well.
Meanwhile, the S&P 500 index underwent significant volatility and jolts on Thursday, down more than 2%. So what we’re seeing now could be the initial signs of Bitcoin’s long-term decoupling from the US stock market.
According to the “Santiment” report:
Bitcoin stopped at around $19.4K and Ethereum at $1340 today.
Read:Fidelity Offers $5 Million Ethereum Index Fund
But the story is the fact that they are doing it without the support of the SP500, which is down -2.4%.
If the correlation between the crypto market and the stock market is loosening, that is very encouraging.
Bitcoin vs Banks:
As is well known, central banks around the world are struggling to deal with current macro conditions.
Amid the quantitative tightening measures, the Bank of England focused on money printing measures to protect the bond market.
Speaking at CNBC’s Deliving Alpha conference on Wednesday, legendary investor Stanley Druckenmiller believes the cryptocurrency could see a rebound as confidence in the central bank fades.
The investor believes that the US economy is already in deep trouble and that a recession is very likely by 2023.
He added:
I can see cryptocurrency having a huge role in the Renaissance because people will not trust central banks.
The investor said he does not own any cryptocurrency yet but explained:
It’s hard for me to own anything like that with central banks tightening.
Read:Crypto market traders anticipate further price crash…Details here
hung Sven Heinrich, founder of NorthmanTrader, a market research firm:
You know we have come to a unique time in history when Bitcoin suddenly became less volatile than fiat currencies.
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