Bitcoin price has rallied more than $300 intraday, meanwhile, the S&P 500 has fallen almost ten basis points in the same time period. Is this the fabled stock market crypto “decoupling” that analysts claimed was coming, or is this just an anomaly before a return to the ongoing correlation between the vastly two different markets this year?
Bitcoin Blasts Higher While The S&P 500 Stumbles Lower, What Gives?
The leading cryptocurrency by market cap has had an explosive day. The cryptocurrency began the day bullish late last night after Sunday night’s weekly close.
The relatively neutral finish closed as green as bulls pushed Bitcoin price up higher over the weekend from late Friday lows. As the Monday morning weekday trading sessions began, however, Bitcoin began to really soar.
In a flash, Bitcoin reclaimed $11,500 and made another $300 push higher, topping out thus far at just over $11,800. Continuation above and beyond this point would take Bitcoin price back to the $12,000 range.
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What’s also notable about Bitcoin’s intraday performance, is that it is taking place all while the stock market sees a considerable setback.
The coming election and the potential end of a secular bull market hang in the balance of the remainder of the year. 2020 has already been one for the record books, both in terms of