Bitcoin Follows Stock Markets Higher; How Long Will They Move in Lockstep?

After the weekend slump, many cryptocurrencies made strong gains Monday, as did major stock indexes, while the coronavirus continues to wreak havoc on the global economy.

Traders weren’t confident the green flashing across all markets would last, however.  

Bitcoin (BTC) climbed 8 percent and ether (ETH) gained 6 percent. Other notable performers include bitcoin SV up 11 percent,  bitcoin cash (BCH) in the green 8 percent and IOTA (IOTA) gaining 8 percent. These 24-hour price changes are as of 20:00 UTC (4 p.m. ET). 

Japan’s Nikkei 225 Index saw heavy selling during the open hour of trading but climbed back and ended the session down down a modest 1.5 percent. This followed Prime Minister Shinzo Abe announcing Friday that Japan would introduce a fiscal stimulus larger than the 56.8 trillion yen ($526 billion) injection the country required in the 2008 crisis. 

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In Europe, the FTSE 100 index…