Correlation Between Bitcoin Price and Stocks Reaches a New All-Time High

Lately, Bitcoin price has been showing record-high levels of correlation with traditional markets and on July 9 the correlation between the S&P 500 and BTC reached a new all-time high.  Data from Skew shows that the one-year realized correlation reached 0.38 on Thursday, July 9 and this came after the metric had reached new highs earlier in the week. Bitcoin – S&P 500 Realized Correlation. Source: Skew The correlation with traditional markets has been growing at a steady pace recently, with the one-year reaching consecutive new all-time highs. Data from…

Data Suggests Bitcoin Price Will Rise as Investor Demographics Shift

Bitcoin (BTC) has been trading sideways for around a month now and is being outperformed by several other altcoins like Ether (ETH) and Chainlink (LINK). The cryptocurrency also hit the lowest levels of volatility since November 2018.  Moreover, Bitcoin’s trading volume in it’s USDT and USD pairs has decreased by 56% and 44%, while global crypto trading volumes in June are down by 49.3% as well, according to CryptoCompare. While some point to these key factors as the start of a downtrend in Bitcoin price, there are still a few…

Chainlink (LINK) on Verge of Rebound, But It’s Far From a New Price High

Demand for Chainlink skyrocketed following the weekly candlestick open. As buy orders began to pile up, the decentralized oracles token saw its price rise by 38.5%. LINK surged from $4.75 to reach a new all-time high of $6.60. Despite the substantial upswing, investors seem to have taken advantage of the price action to take profits. Data from IntoTheBlock reveals that around the peak, nearly 3,800 addresses had transferred out all of the tokens they held. The increasing selling pressure pushed Chainlink down by 12.30% to a low of $5.70. Investors…

Bitfinex Lists Dogecoin After TikTok Fad Sends DOGE Price Over $0.005

Major cryptocurrency exchange Bitfinex is listing Dogecoin (DOGE) as excitement around the meme-based altcoin keeps mounting. In a Twitter announcement on July 10, Bitfinex said that deposits were already available and that it would begin supporting Dogecoin at 8:30 am UTC the same day. Dogecoin: Bitfinex “releases the gud boi” The move caps a bizarre week for Dogecoin, which saw its value shoot up after a spontaneous publicity campaign involving users of social media platform TikTok. Perhaps directly due to the attention that the campaign generated, Bitfinex stepped into the…

Bad Day for Stocks Sends Bitcoin Price Below Key $9.3K Support

Today Bitcoin (BTC) price abruptly dropped 2.93% to $9,160 before traders stepped in to push the price back to the $9,200 level. Crypto market weekly price chart. Source: Coin360 The mild correction occurred as the Dow pulled back 370 points and the S&P 500 and Nasdaq also saw small losses. Gold also pulled back 0.92% but still is only $17 away from its recent high at $1,818. BitMEX XBT-USD Liquidations. Source: Skew The drop below $9,200 resulted in $15 million in BitMEX liquidations and at the time of writing the…

Bitcoin Could be Following Gold’s Price, Signaling a Breakout is Imminent

Bitcoin’s multi-month consolidation phase has caused its correlation with other assets to degrade, leaving investors to question where it might trend next. One analyst is now floating the possibility that the cryptocurrency’s price is currently lagging just behind that of gold. He points to a potential accumulation pattern that could confirm this notion, as well as a strikingly similar volume trend seen between the two assets. Data shows that the BTC and gold still remain largely decoupled, however, with their correlation degrading in recent weeks. The same data also indicates…

High Prospects for Bitcoin Price as Mining Investments Boom

Recent investments into cryptocurrency mining equipment by smaller players could be a positive signal for the longevity and value of Bitcoin (BTC). In late June, United States-based blockchain firm Core Scientific ordered over 17,000 of the latest Bitcoin mining ASIC machines from Chinese hardware producer Bitmain. The news made waves in the industry as the largest known order of Antminer S19s by a single operator. Core Scientific will use some of the machines for its own operations while the rest will be used for its cloud-based mining services for clients.…

Forex Analyst Explains Why Chainlink Price Could Surge 80% Higher

Chainlink’s LINK token is amid a “full-blown parabolic advance,” according to forex analyst Cole Garner. The on-chain data investigator mentioned a string of technical and fundamental indicators that hint further gains for the altcoin. The analogy appeared as LINK climbed to its lifetime high against Bitcoin on Wednesday. LINK, an altcoin powering the Chainlink’s decentralized oracle network, is beating its top rival Bitcoin in terms of exchange rates. The twelfth-largest cryptocurrency established its all-time high at 69,415 sats this Wednesday, a move that brought its year-to-date returns up by 182.69…

Bitcoin Price Touted to End Stagnation in Style, Surging to New High

As the global economic engine continues to reel from the effects of the slowdown induced by the novel coronavirus, it’s still not clear how much devastation the pandemic has actually caused. For example, due to the restrictions imposed by governments all over the world such as border lockdowns, trade limitations and import/export reductions, economic movement has almost ceased, causing many businesses, both large and small, to either face up to the losses or shut down completely. Furthermore, traditional financial offerings such as stocks, bonds and equities have also been on…