Tech Tech News Bitcoin Crashes Below $12K as S&P 500 Hits New High - Coincidence?...

Bitcoin Crashes Below $12K as S&P 500 Hits New High – Coincidence? ⋆ ZyCrypto
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Bitcoin Will ‘Blast Off’ Only After The S&P 500 Soars_ Fundstrat’s Thomas Lee

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Bitcoin for the better half of the day was doing great and sitting above higher support. Since climbing above $12K and as high as $12,200 early in the week, the top asset has been moving sideways. This crucial position offered an opportunity for bulls to pull away and top $12,500 and as high as $13K by the end of the week. But the bears had an opening as the trading day began in the US. With the stocks having a strong start, crypto investors got rattled, leading to a flash crash.

With the economy seeming to be improving especially with a drop in unemployment numbers, new developments around the 2nd stimulus package, and US-China trade relations. The long gloomy economic mood in the US looks set to change with investors getting ahead and pushing stocks higher. The S&P 500 has hit an intraday record of 3393.52 Tuesday morning. This tops the Feb 19 high of 3386.15

But again, as has been noted by several notable analysts, the continued positive performance by stock markets has defied every economic logic.

Bitcoin evangelist Anthony Pompliano has commented on the record S&P 500 high. In a tweet, he reminded his followers that just a few months ago, the US initiated an ATH quantitative easing policy and now there is a new S&P 500 all-time high. This he concludes is no coincidence.

The US govt through the FED has made it clear that it will do everything in its power to ensure the economy and the stock market survives the pandemic’s economic impact. One of the ways it has been doing this is through Quantitative easing which is simply printing more money and pumping it into the market. By purchasing large scale assets, demand remains high and prices afloat. In extreme circumstances, this can trigger FOMO or excitement around some assets and see prices rocket.

Bitcoin: First & Last

But this is clear manipulation and has dire consequences. More money means devaluation and in the long term, inflation. It also means a growing national debt, with the US now standing at over $26T. When the effects of all this start to show, the stock markets will be first to crash as witnessed back in 2008. So while these markets look strong now, their crash is imminent.

Bitcoin on the other hand is not only sound in its quantitative tightening but is further a safe haven asset in times of economic or political crises.

Since crashing below $12K, the top digital asset has rebounded after a strong call at $11,800. But at just over $12K at the time of press, there is some buying hesitation with the recent bull trend derailed. More dips expected unless the recent high can be retested in the short-term.


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.




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