Bitcoin and the cryptocurrency markets are experiencing moderate pull-back while the Nasdaq, S&P 500, and the Dow erase their Christmas losses.
Bitcoin and other cryptocurrencies experienced a strong rally leading up to Christmas, with total market capitalization surging from $122 on Wednesday, Dec. 19th to $146 billion on Christmas day, Dec. 25th; an increase of 20 percent.
These gains were more or less erased by Dec. 26th as Bitcoin once again normalized at price levels around $3,800.
The market has still retained $7 billion of its market capitalization, sitting at a total of $129 billion.
The S&P 500 and Nasdaq also posted strong returns, jumping 5 percent and 5.8 percent, respectively.
These gains come after an overall December stock market landslide, with the Dow dropping 15 percent prior to today's rally.
After the robust 2017 stock market year, there is evidence that U.S. markets are squeamish: U.S. Treasury note yields fell to 2.72 percent, its lowest levels since April.
When yields on Treasuries are low, that typically indicates that market confidence is weak, as explained by Investopedia.
Overall, the crypto markets are still up 27 percent since bottoming at $100 billion in Dec. 15th. Month over month, total market capitalization is up a modest 5 percent.
Whether the market experiences another rally or slips back to former lows is still undecided.
Bitcoin and Cryptocurrencies Pull Back While Dow Experiences Record-Breaking Rally
gepubliceerd op Dec 27, 2018
by Cryptoslate | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.