Bitcoin and Crypto Rock Solid Despite Over 2% Drop in S&P 500, Will It Sustain?

Despite a pointy correction in the U.S. fairness markets on Thursday, September 29, Bitcoin (BTC) and the broader crypto market have remained rock strong with little volatility. As of press time, BTC is buying and selling 0.42% down at a value of $19,357 with a market cap of $371 billion.

On the weekly chart additionally, the BTC has proven lower than 1% motion and has been holding up fairly effectively. At the identical time, the S&P 500 underwent a really sturdy on Thursday, tanking greater than 2%. So what we’re seeing now might be the preliminary indicators of Bitcoin’s long-term decoupling from the U.S. fairness market. As on-chain knowledge supplier Santiment stories:

#Bitcoin has caught round $19.4k and #Ethereum at $1,340 at the moment. But the story is the truth that they’re doing so with out the help of the #SP500, which is down -2.4%. If the correlation is easing between #crypto & #equities, that is very encouraging.

Bitcoin vs Banks

As we all know, central banks throughout the globe have been struggling to take care of present macro situations. Amid its quantitative tightening measures, the British central financial institution has pivoted to money printing measures to guard its bond market.

Speaking at CNBC’s Delivering Alpha conference on Wednesday, legendary investor Stanley Druckenmiller believes that crypto might see a revival because the belief in the central financial institution fades away. The investor believes that the U.S. economic system is already in deep bother and that recession may be very seemingly by 2023. He added:

I might see cryptocurrency having a giant position in a Renaissance as a result of folks simply aren’t going to belief the central banks.

The investor mentioned that he doesn’t personal any crypto as of now however added “it’s tough for me to own anything like that with central banks tightening”. Sven Henrich, the founding father of NorthmanTrader, a markets analysis agency said: “You know we’ve reached a unique time in history when #Bitcoin suddenly is less volatile than fiat currencies”.

Bhushan is a FinTech fanatic and holds a great aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is repeatedly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and generally discover his culinary abilities.

The introduced content material could embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty in your private monetary loss.