Bitcoin just experienced its worst month since departing from its all-time highs 2 years ago, but still the leading crypto managed to outperform the US stock market in the first quarter of 2020.
Global Pandemic Tears Markets Apart
The financial markets were hit by the COVID pandemic that forced entire countries and industries to shut down.
Most of losses came in March, which was one of the worst months including for Bitcoin. However, year-to-date, the cryptocurrency declined less than S&P 500 and Dow Jones indexes, which represent the US stock market. Nevertheless, Bitcoin showed some correlation with the two indices when the crash accelerated. Because of this, investors are not sure whether it’s a reliable safe haven.
In the first three months, Bitcoin fell about 10%, from $7,200 to $6,350. Meanwhile, Dow saw the worst quarter on record, falling by more than 23%. Elsewhere, S&P 500 tumbled by 20%, which is the biggest quarterly loss since 2008.
Bitcoin (red) vs S&P 500 (blue)
March 12 was a nightmare, as the crypto market lost over $90 billion of its total value, while Bitcoin crashed almost 50%.
The largest cryptocurrency has managed to recover a good chunk of its losses since then though, and has detached from traditional markets. For many, Bitcoin is still the must-have asset, especially when the Fed pumps cash. Luno executive Vijay Ayyar told CNBC:
Bitcoin is still a relatively smaller asset class that is increasingly uncorrelated to traditional asset classes and this is in the process of being established as we speak. This is why I believe the current market environment is a big test for Bitcoin and given how young the asset class is, it has actually held up quite well.
Stocks Might Extend Decline, What About Bitcoin?
What’s more worrying is that the stock market hasn’t bottomed out despite the recent gain driven by cash injections. The crisis might be only beginning, with US President Donald Trump finally admitting that the country should be ready for a “very, very painful two weeks.” Trump said that the US might see up to 240,000 deaths even if citizens follow the social distancing measures.
JPMorgan Asset Management warned investors that they shouldn’t rush to buy stocks because the worst is about to come. Strategist Hugh Gimber said in a note:
I’m not yet confident in advocating overweight risk assets positions because you’re vulnerable in that scenario to a deterioration of the news on the medical front. The policy measures have helped but they’re not on their own enough for us to call a definitive bottom in this market.
As for Bitcoin, crypto analysts haven’t reached consensus on the short-term outlook. Yet, most investors are confident that the cryptocurrency will emerge stronger, especially after the halving event.
Do you think Bitcoin will outperform the stock market by the end of the year? Share your thoughts in the comments section!
Images via Shutterstock, Investing.com origin »
Bitcoin is trading steadily around $110,300 as markets consolidate. Traders have largely paused adding new risk after the recent Fed meeting. Bitcoin dominance has risen to approximately 60% of the total crypto market.
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The post Prediction markets now give Bitcoin a 52% chance of reaching $100K in 2024 appeared first on Crypto Briefing.
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Most of the cryptocurrencies including the digital gold, Bitcoin (BTC), have been seeing a downtrend since Nov. 2021, when the markets were at their best and crypto hit an all-time high of $3 trillion.
After what has now been almost two quarters of an agonizing sell-off, markets seemed to have found solace with Bitcoin staying squarely atop the $28,000 level.
After this week’s catastrophic drop in the cryptocurrency market, Bitcoin has fallen around 24% over the past couple of days. The markets are completely frantic as regular investors continue to pull their money.
Bitcoin markets fell over -7% in the past day amidst a broader fallout in crypto markets and a surge in the Dollar Index (DXY), data from multiple sources shows.
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Digital asset markets have started to recuperate this month with Bitcoin leading the charge, as it has done in previous recoveries. Industry analysts have envisioned this trend continuing, with BTC remaining in the driver’s seat for the wider cryptocurrency market.
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The crypto markets have continued sliding on the second day, with bitcoin (BTC) dropping below $6,000 amid a global market downturn caused by the gruesome coronavirus. The sell-off in the stock markets intensified after President Trump announced a 30-day suspension of travels from Europe to the United States starting from this Friday at midnight. Bitcoin, […]
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The aggregated crypto markets have been subjected to the volatility experienced by Bitcoin over the past several days, which has primarily favored bears. The recent market-wide downswing has led altcoins like Bitcoin Cash to shed some of their recent gains, although their market structures still remain firmly bullish.
Bitcoin and crypto assets are making a remarkable recovery today and markets are up almost $14 billion in under 24 hours. Bitcoin Leading Crypto Markets A few hours ago BTC started to move again, lifting off from its intraday low at support around $7,700.
The price of bitcoin has extended its losses to below 7000 levels as the gloomy sentiment has been looming the broader cryptocurrency markets. While the hype of the next BTC halving has been gradually building up as we are about to wrap up 2019, the seasonal pattern shows that BTC markets could be relatively calm.
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Over the past couple of days, investors have grown fearful regarding the possibility of a massive Chinese Ponzi scam dumping the significant amount of Bitcoin (BTC) that they hold in wallets onto the markets, which may have contributed to the recent downwards pressure experienced by the entire crypto markets.
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Now that the Bitcoin price has gone on an absolute tear, it will be interesting to see how all other markets evolve accordingly. So far, it seems things are heavily in favor of the world’s leading cryptocurrency, as alternative markets struggle to keep up.
Bitcoin Magazine
Cboe to Launch Continuous Bitcoin Futures on December 15
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In a single day, $1. 05 trillion was wiped out of the US stock market. This decline represents one of the largest of any single day in recent times and also reflects a mix of unsatisfactory economic data and huge struggles among major companies.
