Stocks Tick Downward and so Does Bitcoin, to $9,200
Bitcoin is back at $9,200 Thursday as crypto derivatives helped push its price down and equities closed lower.
Bitcoin (BTC) trading around $9,211 as of 20:00 UTC (4 p.m. ET), slipping 2.3% over the previous 24 hours.
Bitcoin’s 24-hour range: $9,154-$9,469
BTC below 10-day and 50-day moving average, a bearish signal for market technicians.
When stocks overall trend lower, it often leads to bitcoin prices dropping, said Karl Samsen of Global Digital Assets. He added that as public companies continue to release their dismal quarterly business results, equities will drop even more. “We’re seeing a W-effect in terms of the COVID-19 reopening” of the economy, he told CoinDesk. Thus, the stock markets aren’t performing well Thursday.
As spot bitcoin headed lower Thursday, the cryptocurrency derivatives market saw its first excitement in a week as sell liquidations popped up on BitMEX. Traders who were long bitcoin saw over $20 million in BitMEX positions exited as price dropped on the spot exchanges such as Coinbase.
Bitcoin (BTC) trading around $9,211 as of 20:00 UTC (4 p.m. ET), slipping 2.3% over the previous 24 hours.
Bitcoin’s 24-hour range: $9,154-$9,469
BTC below 10-day and 50-day moving average, a bearish signal for market technicians.
When stocks overall trend lower, it often leads to bitcoin prices dropping, said Karl Samsen of Global Digital Assets. He added that as public companies continue to release their dismal quarterly business results, equities will drop even more. “We’re seeing a W-effect in terms of the COVID-19 reopening” of the economy, he told CoinDesk. Thus, the stock markets aren’t performing well Thursday.
As spot bitcoin headed lower Thursday, the cryptocurrency derivatives market saw its first excitement in a week as sell liquidations popped up on BitMEX. Traders who were long bitcoin saw over $20 million in BitMEX positions exited as price dropped on the spot exchanges such as Coinbase.
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