Bitcoin Price Breaks $400 Higher While S&P 500 Drops
- Bitcoin has undergone a strong rally over the past day, gaining $300 as it pushes to $11,750.
- It topped out at $11,820 today as the dollar underwent a slight rally higher.
- TradingView.com data indicates that Bitcoin is outpacing a swath of other assets over the past day’s trading session.
- It is outperforming the S&P 500, gold, along with altcoins.
Bitcoin Outpaces S&P 500, Altcoins In Unique Trading Session
TradingView.com data indicates that Bitcoin is outpacing a swath of other assets over the past day’s trading session. It is outperforming the S&P 500, gold, along with altcoins. The latter is especially puzzling as altcoins have acted as a high beta play on Bitcoin over recent weeks.
Raoul Pal, CEO of Real Vision, and a former Goldman Sachs hedge fund chief, recently commented on the potential for stimulus amid the push for CBDCs:
What’s interesting about this rally is that BTC has managed to outpace a swath of other assets. Even if the uncorrelated nature of Bitcoin doesn’t persist for long, analysts think that all markets will move higher with time as stimulus talks continue.
Others have echoed this sentiment, saying that any increase in the level of fiat in the system will drive BTC higher.
“for the first time in a looong time equities fell while btc moved higher. was very surprised to see this today, but there is nothing i would like more than to see btc break its correlation with equities.”
Will The Move Upward Continue?
“Fiat globally will be worth less versus hard assets. And that means that gold and in particular #Bitcoin will become THE way to circumvent the system of ever lower value. It also create incentive systems for other nations to opt into a hard currency system to attract capital.”
Chart of BTC’s price action over the past few weeks alongside that of the S&P 500 futures shared by crypto trader SmartContracter (Twitter handle).
Source: BTCUSD from TradingView.com
Bitcoin has undergone a strong rally over the past day. The leading cryptocurrency currently trades for ,750, around 0 higher than it was trading yesterday. ,750 is also just shy of 0 above the lows of last week, triggered on news of OKEx freezing withdrawals.
It is unclear if this uncorrelated price action will continue, as it’s believed that Bitcoin is moving higher on talks of a continued push to central bank digital currencies.
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Breaks Seriously Higher While S&P 500 Drops on Stimulus Uncertainty
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