It happened again. On Wednesday this week, the stock market took a hit. Covid-19 is on the rise again and the UK is on the brink of another national lockdown. The markets reflected this uncertain situation. What happened to crypto? At the moment, most cryptocurrencies are extremely correlated to Bitcoin. Bitcoin goes up, altcoins follow. Bitcoin goes down, the same thing happens with altcoins. But Bitcoin, on the other hand, is correlated with stocks and the overall global market sentiment. We have seen this during the great Covid-19 crash this year. Bitcoin fell to slightly over $3000, after the worst stock crash since 1987.
Sunday Thoughts - Are We In a Bear Market?
Sunday Thoughts - Are We In a Bear Market?
Sunday Thoughts - Are We In a Bear Market?
It happened again. On Wednesday this week, the stock market took a hit. Covid-19 is on the rise again and the UK is on the brink of another national lockdown. The markets reflected this uncertain situation. What happened to crypto? At the moment, most cryptocurrencies are extremely correlated to Bitcoin. Bitcoin goes up, altcoins follow. Bitcoin goes down, the same thing happens with altcoins. But Bitcoin, on the other hand, is correlated with stocks and the overall global market sentiment. We have seen this during the great Covid-19 crash this year. Bitcoin fell to slightly over $3000, after the worst stock crash since 1987.