Bitcoin Mining Firm Northern Data Slams ‘Trolls’ After Stock Drops 40%

European Bitcoin (BTC) mining firm Northern Data has seen its stock fall 40% in days amid claims that it committed fraud. Data from Bloomberg showed the company’s NB2 stock trading at under €47 ($53.70) at the end of July 17, down from €79 ($90.30) on Monday. Northern Data: “We’re as transparent as it gets” Northern Data, the product of a 2019 merger between U.S. company Whinstone and Northern Bitcoin, claimed to offer High Performance Computing/Artificial Intelligence (HPC/AI) solutions. While touting the scale of its computing capacity to investors and analysts,…

Bitcoin Is Still a Mere 0.5% of the U.S. Stock Market: Crypto Research Firm

In the span of just over a decade, Bitcoin has gone from a puny asset to one worth over $170 billion. It’s a rally that has caught many off guard, evidenced by those that have long asserted the cryptocurrency is a Ponzi scheme or otherwise. Data shows, however, that BTC remains just a drop in the bucket in the macro scheme of things. A cryptocurrency research firm recently reminded its followers of this fact; it said that BTC’s market capitalization is less than 1% of that of U.S. stocks. Bitcoin…

Bitcoin is on the Cusp of Printing a MACD Bull Cross as Stock Market Rallies

Bitcoin was able to post a bullish reaction to its recent dip below $9,000, with its buyers sparking a rally that sent it as high as $9,300. Although this rally has not confirmed any type of notable technical breakout, it has helped shift some of the benchmark cryptocurrency’s technical indicators into the favor of bulls. One analyst is now noting that the crypto is flirting with posting a MACD bull cross. This technical pattern – if confirmed during the imminent daily close – would be a significant development for bulls,…

Here’s Why the Chinese Stock Market’s Rally Might Boost Bitcoin

The Chinese stock market has found itself caught within the throes of a fresh bull market, and it could create a tailwind that lifts Bitcoin. After facing the dire implications of the ongoing pandemic that originated within China’s borders, the country’s investors appear to be moving on, now helping to fuel a fresh bull market. The country’s benchmark stock indices all saw massive growth during their latest trading session, with the Shanghai Composite even seeing its best single-day percentage gain since 2015. A few simple factors are driving this fresh…

Stock in Crypto Mining Firms Riot and Hive Massively Outperforms Bitcoin

The share price of Bitcoin (BTC) mining firms Riot Blockchain and Hive Blockchain has produced enormous year-to-date (YTD) gains, with stock in Riot nearly doubling while Hive tripled over 2020 so far. However, not all mining firms have fared well throughout the COVID-19 pandemic, with Canaan’s stock falling nearly 70% since early January, and both Hut 8 and DMG Blockchain seeing scant YTD gains despite experiencing significant volatility this year. Mining firms outperform Bitcoin While Bitcoin is up more than 26% from roughly $7,200 to $9,100 since the start of…

Bitcoin is At Mercy of S&P 500, as “Fragile” Stock Market is at Risk

Bitcoin faces a critical second half of the year as its correlation with the S&P 500 index nears 43 percent. While both markets have rallied impressively from their March 2020 lows, they are far from confirming a  V-shaped recovery due to resurgence in the COVID cases. Meanwhile, the Federal Reserve’s fiscal support measures are ending in July, further raising the possibilities of a downside correction in the S&P 500 and Bitcoin. A bearish stock market now appears bad for Bitcoin. The analogy pops after the S&P 500’s growing proximity with…

Wells Fargo Expects a Stock Market Sell-Off — Will Bitcoin Price Follow?

Wells Fargo anticipates U.S. corporate pensions will move $35 billion into fixed income. Analysts believe this may cause a sharp sell-off in the stock market and given the correlation between Bitcoin and stocks, this could leave BTC vulnerable for a pullback. KKM Financial managing director Dan Deming also warned that increased volatility in the stock market could lead various risk-on assets to slump. Will Bitcoin drop alongside stocks?  The correlation between Bitcoin and the S&P 500. Source: Skew Since late March the price trend of Bitcoin and the S&P 500…

Stock Market Crash Threatens Bullish Bitcoin Consolidation Sub-$10K

Bitcoin (BTC), the biggest cryptocurrency by market capitalization, is trading at $9,375 representing a 0.2% loss in value in the last 24 hours and the same for today’s session. The wider crypto market is generally following Bitcoin, with Ethereum’s Ether (ETH) down around 0.27% and XRP underperforming but still relatively flat down less than 1% at $0.19 XRP. Meanwhile, Bitcoin dominance remains flat at 65% after a strong couple of weeks by the alts. Cryptocurrency market 24-hour view. Source: Coin360 1-week chart The 1-week chart for Bitcoin shows seven weeks of…

Bitcoin Price Dips Below $9K Amid Heavy Stock Market Futures Losses

Bitcoin (BTC) dropped below $9,000 on June 15 as a new week produced fresh selling pressure across macro assets. Cryptocurrency market daily overview. Source: Coin360 Bitcoin price tests $9,000 resilience Data from Cointelegraph Markets and CoinMarketCap showed BTC/USD entering the $8,000 range in Monday trading — for the first time since May 28. The latest bearish move follows a difficult week for Bitcoin in which markets almost regained $10,000 before shedding $800 in a matter of hours on Thursday. After spending the weekend at around $9,400, support gave way once…

3 Reasons Why Bitcoin Price Could Crash if US Stock Market Collapses

Experts in the financial market and the crypto industry foresee a major stock market correction unfolding in the short term. Given the high correlation of Bitcoin (BTC) with stocks observed in the past three months, there is a strong possibility that Bitcoin could follow suit. The United States stock market has seen extreme volatility after the Dow Jones Industrial Average dropped by around 7% on June 11, led by double-digit drops of airline stocks. A confluence of three factors is seemingly triggering sizable volatility in the stock market: uncertainty around…