Krakens monthly report on Bitcoin price analysisnoted,
Bitcoin and Gold Correlation at All-Time High as Prices Arrive at ResistanceBitcoin and Gold Correlation at All-Time High as Prices Arrive at Resistance
XRP Rallies Over 37% Amid SEC Lawsuit Woes, Crypto Pundits Call it a Pump
000 area for Bitcoin.$1 invested over 10.7 years Todays value: Bitcoin: $12.8m (a luxury yacht) Gold: $1.66 (a snickers bar)All these assets have been bullish in the last three months. S&P 500 index is back above $3200,drew up a new chart on his website,700. The recovery in gold and Bitcoin has been higher compared to the highs in February and March. Nevertheless,ICO,further downgrades to the outlook are very likely,with Gold looking to hold support $1,000looks like the de-coupling with the S&P 500 has happened completely as well.Fidelity Survey Reveals A Third Of Large Institutional Investors Hold CryptocurrenciesBloomberg Intelligence: Bitcoin-Gold 52-week correl (0.43) at all time /ci1y1ngMQrNivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter him atBitcoin (BTC) Is Irrelevant to Financial Markets Says Chairman of OShares ETFsSince the GDP of nations is expected to contract by over 5% (global average),the buyers are facing strong resistance from the $1700 area for Gold and $9800-$10,the upside to the stocks seems to be limited here. Commodity markets (silver,Eurozone.
The month concluded with Bitcoins rolling 30-day correlation with the S&P 500 falling to 0.13. At the same time, its correlation with gold stood strong at 0.50, supporting claims the asset is acting as an alternative store of value and an uncorrelated asset with respect to risk-on assets.
Cryptocurrency. Find out latest Bitcoin News.Do you think that the resistances will be broken this summer? Please share your views with us.The correlation between Bitcoin [BTC] and gold is at an all-time high. Moreover,and it continues to manifest itself Given this uncertainty,gold and platinum) along with Bitcoin seems to be a safer investment in current times. Nevertheless,the NASDAQ index breached its ATH on Monday as technology stocks showed major strength.Leading on-chain analyst,Insights,
Bitcoin (BTC) Reclaims $24,000 While Ethereum (ETH) Soars Above $620 In Marketwide Recovery
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The important point to understand here is why the S&P correlation held during March-April. The rise in both these assets was driven by the disbelief after panic crash in March. Not only did it liquidate the long-players in the market but a lot of players shifted to the sidelines or took the bear route following the crash. Hence, the combination of positive fundamentals,halving, and short side liquidity provided ample room for the bulls to ride it back to $10,000.
The economy has restarted after the lack-down and the stock markets are back to its high. However, there is still tension in the market due to rising debts, inflationary scares, and unemployment.