Cryptocurrency
Bitcoin Rises to $9.6K as Stocks Cheer Additional US Stimulus Plans
As reported by Coindesk, “Bitcoin clocked highs near $9,600 this morning, having trapped bears on the wrong side of the market with a brief dip below $9,000 on Monday. Analysts say a risk reset in the traditional markets fueled bitcoin’s rise from $8,900 to $9,580 in the last 24 hours. ‘Bitcoin has regained poise, possibly […]
As reported by Coindesk, “Bitcoin clocked highs near $9,600 this morning, having trapped bears on the wrong side of the market with a brief dip below $9,000 on Monday.
Analysts say a risk reset in the traditional markets fueled bitcoin’s rise from $8,900 to $9,580 in the last 24 hours. ‘Bitcoin has regained poise, possibly tracking the recovery in global stock markets,’ said Asim Ahmad, co-chief investment officer at London-based Eterna Capital.
“Major European equity markets are reporting gains of over 2% at press time, while futures tied to the S&P 500 are up 1.2%, according to Investing.com. The situation was different 24 hours ago when S&P 500 futures were down 2% due to renewed fears over the economic effects of the coronavirus pandemic.
“Sentiment on Wall Street turned positive during yesterday’s U.S. trading hours after the Federal Reserve announced it would start buying yet more corporate bonds. The S&P 500 ended the day with a 0.83% gain. The risk appetite improved further during Tuesday’s Asian hours after Bloomberg reported that the Trump administration is preparing a near $1 trillion infrastructure proposal.
“The turnaround in the global equities likely helped bitcoin rise back to $9,600. In the past, the cryptocurrency has closely followed traditional markets during bouts of coronavirus-induced panic…”