While Stocks Rebound, Analysts Discuss Bitcoin’s Decoupling, Gold Markets Remain ‘Under Pressure’

U.S. equities markets jumped on Thursday as stock traders saw some relief after a number of weekly losses. All the major stock indexes rebounded after falling for nearly eight weeks in a row, while the crypto economy took some losses on Thursday, losing roughly 4% against the U.S. dollar during the past 24 hours. Meanwhile gold has been hanging below the $1,850 per ounce mark as Kitco’s Neils Christensen says gold markets remain “under pressure, seeing no major buying momentum.”

Analyst Says ‘Doom and Gloom’ Predictions ‘May Have Been Overdone’ Amid Stock Market Rebound

The Dow Jones Industrial Average, С&P 500, the Nasdaq, and NYSE composite all rallied during Thursday’s trading sessions. The S&P 500 rose about 2% reaching 4,057.84 by the closing bell, while Nasdaq spiked 2.7%, hitting 11,740.65.

The Dow Jones jumped around 1.6% on Thursday afternoon, as the index recorded gains for the fifth straight day in a row. Quincy Krosby, LPL Financial’s chief equity strategist, believes the rebound may be a sign that some of last week’s doom and gloom predictions were overhyped.

“Although this was an expected, and highly talked about potential ‘oversold’ rally, the underpinning for today’s market climb higher, suggests that last week’s doom and gloom about the all-important U.S. consumer may have been overdone, along with the dire recession headlines,” Krosby сказал CNBC’s Tanaya Macheel and Jesse Pound on Thursday.

Many Believe Cryptos Have Decoupled, Alex Krüger Says ‘Worst Case Scenario for Crypto Is Here’

журналист Лаура Шин опубликовала статью, в которой утверждается, что, amid the equities rebound, в cryptocurrency economy faltered again on Thursday, losing 4% during the past 24 hours of trading. Биткойн (BTC) lost a small percentage on Thursday dropping roughly 0.7%.

Ethereum (ETH), however, lost around 6.9%, alongside a number of alternative crypto assets that saw deeper losses than bitcoin. While stock markets have improved and crypto assets have not, a number of traders have been discussing crypto decoupling from stocks in terms of correlation.

The economist and trader Alex Krüger spoke about crypto decoupling from stocks on Thursday.

“Worst case scenario for crypto is here,” Krüger сказал. “Apathy and decoupling. The correlation with equities is now broken. It’s been largely gone since Monday afternoon. Now equities bounce alone.” After his statement, Krüger doubled down on his commentary. “Watch people who don’t trade and barely watch charts or correlations disagree with this tweet. It’s ok. Everybody copes differently,” Krüger added.

While Stocks Rebound, Analysts Discuss Bitcoin's Decoupling, Gold Markets Remain 'Under Pressure'
Chart shared by the Stacks podcast host Luke Martin, who discussed crypto decoupling on Thursday.

The bitcoin proponent Luke Martin, host of the Stacks podcast, also talked about digital currencies not bouncing back with equities markets.

“Seeing lots of tweets about stocks [В этом году известные автомобильные бренды и всемирно известные гоночные команды в большом количестве входят в пространство блокчейна и криптовалюты.] crypto decoupling, and crypto not bouncing with stocks,” Martin tweeted. “Charting gives a better picture of what’s happening: 1/ We had high correlation 2/ Luna collapse leads to more severe crypto selloff 3/ Post collapse crypto not making up the difference.”

As Gold Markets Slump, Peter Schiff Discusses the US GDP Contraction and Bitcoin’s Decoupling

Gold has also not increased in value and remains under the $1,850 per ounce price range against the U.S. доллар. 30-day statistics show an ounce of fine gold is down 1.67% В этом году известные автомобильные бренды и всемирно известные гоночные команды в большом количестве входят в пространство блокчейна и криптовалюты. 0.27% was lost during the past 24 hours. В четверг, Kitco’s Neils Christensen discussed gold’s slump in a report that highlights the recent U.S. Commerce Department report that notes the first-quarter gross domestic product (GDP) declined at a 1.5% annual rate. “The gold market is not seeing much reaction to the disappointing economic data,” Christensen explained on Thursday.

Gold bug and economist Peter Schiff talked about the GDP shrinking 1.5% and also mentioned that bitcoin (BTC) has decoupled from Nasdaq. “The U.S. экономика, supposedly the strongest it’s ever been, contracted by 1.5% in Q1, .2% more than analysts expected,” Schiff сказал on Thursday. “If [в] GDP contracts again in Q2, then the economy is officially in a recession. If GDP contracts when the economy is so [strong], imagine what happens when it’s weak,” the economist added.

Schiff continued on Thursday and made sure to throw salt on bitcoin’s recent market wounds. Schiff remarked:

Is bitcoin finally breaking free of its high correlation with the Nasdaq? While tech stocks are rising today Bitcoin is falling, almost breaking below $28K. My guess is that Bitcoin will continue to maintain its positive correlation with the Nasdaq, but only when it’s falling.

Теги в этой истории
Alex Kruger, analyst, Биткойн (BTC), Крипто, криптоэкономика, DOW, economists, equity strategist, Ethereum (ETH), золото, Gold Bug, Gold Markets, Jesse Pound, Kitco, LPL Financial, Luke Martin, Luna collapse, nasdaq, Neils Christensen, NYSE, Peter Schiff, Quincy Krosby, С&P 500, stock indexes, Stock Market, Tanaya Macheel, U.S. equities markets

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Джейми Редман

Джейми Редман — руководитель отдела новостей Bitcoin-Tidings.com News и журналист, работающий в сфере финансовых технологий, живет во Флориде.. Редман был активным членом криптовалютного сообщества с 2011. У него страсть к биткойнам, открытый исходный код, и децентрализованные приложения. С сентября 2015, Редман написал более 5,000 статьи для Bitcoin-Tidings.com Новости о прорывных протоколах, появляющихся сегодня.




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