Bitcoin may lose $30K price level if stocks tank, analysts warn

The ghost of stock market crash is back again to haunt Bitcoin (BTC). It happened last in March 2020. Back then, the prospect of the fast-spreading coronavirus pandemic led to lockdowns across developed and emerging economies. In turn, global stocks crashed in tandem, and Bitcoin lost half of its value in just two days. Meanwhile, the U.S .dollar index, or DXY, which represents the greenback’s strength against a basket of top foreign currencies, has now climbed by 8.78% to 102.992, its highest level since January 2017. The huge inverse correlation showed that…

Hawkish Fed comments push Bitcoin price and stocks lower again

Bitcoin (BTC) and the wider financial markets faced a new wave of selling on June 18 following comments from James Bullard, the president of the United States Federal Reserve Bank of St. Louis, indicating that he expects the first interest rate increase to happen in late 2022.  Bullard’s comments were even more hawkish than Wednesday’s comments from Fed Chair Jerome Powell, who indicated that the rate hikes would come in 2023. Powell’s comments triggered a sell-off across financial markets as the U.S. dollar gained strength. U.S. dollar currency index. 4-hour…

Bitcoin’s correlation with gold and stocks is growing

Bitcoin (BTC) is an uncorrelated asset, or so the narrative used to go. For much of Bitcoin’s lifetime, it existed as something of value to a very small group of people. Now, awareness and demand are accelerating rapidly. So, what does this mean for the status of BTC as a supposedly uncorrelated asset?  That Bitcoin was an uncorrelated asset isn’t just conjecture — the numbers back it up. According to data compiled by VanEck in early 2021, there was almost no discernible pattern between the movements of Bitcoin and other…

Bitcoin retests $37K support, gold and stocks drop lower over Fed comments

Bitcoin (BTC) price dropped another notch to $37,365 today after a failed attempt by bulls to retake the $40,000 level. The renewed slump comes as the stock market and commodities also pulled back as a result of Federal Reserve Chair Jerome Powell’s comments related to future interest rate hikes and concerns over rising inflation which led to pdeclines for both Bitcoin and gold.  Data from Cointelegraph Markets Pro and TradingView shows that the price of BTC climbed from $38,200 in the early trading hours on Thursday to a high above $39,500…

Crypto and ‘meme stocks’ shunned by 90% of UK financial advisers

More than 90% of 200 independent financial advisers (IFA) in the United Kingdom who participated in a recent poll by research agency Opinium indicated negative cryptocurrency sentiments, with over one-third reporting an increase in cryptocurrency-related inquires from clients since the start of the year. Quoting figures from the poll, Reuters reported on Wednesday that 93% of surveyed IFAs would not recommend crypto investment vehicles to their clients. A similar negative sentiment also showed for meme stocks — a term used to describe shares of companies whose values are often driven…

Coinbase (COIN) falls below $250, blockchain stocks sell off as Bitcoin dip continues

It is well known that as goes Bitcoin (BTC), so goes the rest of the cryptocurrency market, as time and again, major price moves from Bitcoin create ripples across the altcoin market, impacting sentiment and momentum. This appears to be the same for blockchain-related stocks that trade in the traditional financial markets, and a quick glance at the charts shows they have mirrored Bitcoin’s performance over the past several months.  The cryptocurrency ecosystem was all abuzz just over one month ago when the much anticipated Coinbase stock listing finally arrived on…

Bitcoin price bounces despite stocks rout as Ethereum hits new $4,350 high

Bitcoin (BTC) gained 4.3% on May 12 as cryptocurrencies recovered losses despite increasing turmoil on global stock markets. BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview BTC price reverses upwards Data from Cointelegraph Markets Pro and Tradingview showed BTC/USD erasing almost all the previous day’s losses on Wednesday to trade above $57,500 at the time of writing. The move came amid concerns over froth in tech stocks, fueled by problems in Taiwan which saw the country’s equities index post its biggest one-day loss in history.  Bitcoin and altcoins had sold off with…

Bitcoin is less volatile than stocks like Apple and Tesla

Binance CEO Changpeng Zhao has commented on the volatility of Bitcoin (BTC), stating that the largest crypto by market capitalization is probably less volatile than the stock prices of similarly-sized companies by market capitalization such as Apple and Tesla. Data from Woobull shows Bitcoin’s 60-day volatility steadily declining since the start of 2021. However, figures from the investment research portal AlphaQuery show that Tesla and Apple stock prices still have significantly lower 60-day volatilities over the same period. BTC 60-day Volatility, courtesy Woobull Charts Speaking during an interview with Bloomberg…

Goldman Sachs identifies 19 crypto stocks that massively outperformed the S&P 500

Wall Street banking giant Goldman Sachs has identified an emerging cluster of crypto-related stocks that are performing much better than the index itself. In a note to investors on Tuesday, April 27, analysts at the investment bank highlighted 19 U.S. stocks that had a market capitalization of more than $1 billion and close ties to the cryptocurrency and blockchain industry. Goldman’s investment gurus stated that many of these stocks have “dramatically outperformed” the broader stock market, with the firms averaging a return of 43% this year, which is more than…

Synthetic FAANG stocks are trading in DeFi — but do gas fees make them uncompetitive?

Decentralized finance protocol Kwenta has launched a series of synthetic tokens for popular stocks — but current gas prices could make trading them more expensive than buying the real thing. In a blog post on April 23, derivatives trading protocol Kwenta —an Ethereum dApp which is powered by Synthetix — announced the listing of various synths that track the prices of stocks from the top five tech firms known by the acronym FAANG. These comprise Facebook, Apple, Amazon, Netflix, and Google. Tesla was already available and there are plans to…