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BITCOIN PRICE IS FALLING WITH THE STOCK MARKET!!!
Bitcoin (BTC) failed to maintain its technical strength after bouncing off $9,000 last week, recently slipping under that crucial support after days of back-and-forth between bulls and bears.
On leading derivatives exchanges, the BTC price fell as low as $8,920. Prices fell to a similar region on spot exchanges. From the day’s highs, Bitcoin is down around 6%.
Altcoins are down a similar amount to BTC, with all cryptocurrencies trading with a high correlation as is the norm.
Approximately $20 million worth of BitMEX long positions have been liquidated in the past two hours, according to data from Skew.com. This adds to the approximately $10 million more in liquidations that have taken place over the past 24 hours as BTC has expressed weakness.
Along with the liquidations, data from cryptocurrency data site CryptoQuant indicated that during the move lower, there was an influx of Bitcoin being deposited into exchange-owned wallets.
This suggests there was (and maybe still is) a panic amongst holders to sell their coins as expectations of a strong move lower grow.
Bitcoin’s latest leg of weakness corresponds with a blood-red open for the futures of American equities. As can be seen in the chart below, from the open of the S&P 500 futures (ES1) on Sunday evening, Bitcoin traded in an effective lockstep with equities.
The futures are down 3% since their open, meaning they are slightly outperforming BTC.
The cryptocurrency trader that predicted BTC would see a V-shaped reversal from March’s lows commented on this phenomenon of correlation on June 14th:
“Once equities correct strongly, odds that $BTC sees a correction too are large. Simple math, increased demand for cash may have its influence temporarily.”
Unfortunately for Bitcoin bulls, there are prominent investors expecting stocks to continue to correct lower.
Guggenheim Partners’ global CIO Scott Minerd recently went on CNBC’s “Closing Bell” to discuss his outlook for stocks.
The prominent fund manager said that he sees a scenario in which the S&P 500 falls to a fresh low of 1,600, which would be a nearly 50% drop from the current price point. Considering that Bitcoin crashed around 50% on a less-than 10% drop in the stock market, such a drop could prove to be disastrous for cryptocurrencies.
In other trending Bitcoin News today:
FINANCIAL AUTHOR THINKS BITCOIN IS “LIKELY” TO BECOME THE WORLD RESERVE CURRENCY
Speaking to Max Keiser of Keiser Report, CEO of e-commerce company BuildDirect and a financial author Jeff Booth said that he thinks Bitcoin is a “likely candidate for world reserve currency” status:
“First of all, I see Bitcoin as a likely, a very likely candidate for a world reserve currency. So, I see it has a really good chance of winning over time as it works on a network effect.”
Booth is far from the first individual to have identified a scenario in which Bitcoin rises to become the world’s reserve currency, or at least grows to a point where it makes an attempt at that title.
Preston Pysh, a prominent financial analyst and author, explained that the fiat money system is poised to “break.” By “break,” he means a world where there is either complete “social unrest” due to effectively too much money in the system or a “natural transition to a different form of money” as people lose faith in the old system.
Pysh sees Bitcoin as a likely contender to become the “different form of money” because “it’s the option none of the governments want, but it’s also the solution they can’t easily stop.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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