While yesterday everyone in the Netherlands (yes, everyone) was looking for eggs for the second day in a row, trade in the rest of the world was normal. Of course, bitcoin never closes, but the stock and forex markets are also open. This allowed Bitcoin to cross $30,000 as the stock plummeted.
Bitcoin drops to $30,000
Bitcoin’s price surged above $29,000 last night, about $700 in 24 hours, or nearly 4%. At 04:35 this morning, the coin took a step forward and skyrocketed to $30,000. At the same time, the index representing the dollar quote (DXY) is high at 0.5%.
In contrast, equities fell 0.4% yesterday, while oil also fell 1% and bond yields rose 0.02%.
Bitcoin and stocks decoupling since March
The decoupling of Bitcoin and stocks began on March 12, when several US banks went bankrupt. This drew attention to cryptocurrency as a store of value outside banking.
Since then, bitcoin has gone its own way, and yesterday’s surge doesn’t seem to have any particular reason. To our knowledge, there is no specific news that could explain the increase.
What’s going on with Bitcoin?
It’s time for one of the sexiest sayings of all time: there are more buyers than sellers. Ethereum has big news this week, tomorrow Ethereum will come with a major update that allows investors and interested parties to remove their coins from the blockchain.
This could have medium to long term implications for cryptocurrency demand and perhaps even affect the comparison between Ether and Bitcoin.
Bitcoin tests trader sentiment
Bitcoin is currently testing trading sentiment after trading sideways for nearly a month. The price briefly touched $29,300 yesterday, just above last week’s high. The bulls stagnated for a while, but now that $30,000 has been reached, analysts are hoping this is the start of a good uptrend.
Source: Btc Direct
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
