RATE Group | Bitcoin Slips in Tandem with US Stocks; Still a Safe-Haven?
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Bitcoin Slips in Tandem with US Stocks; Still a Safe-Haven?

15 Aug Bitcoin Slips in Tandem with US Stocks; Still a Safe-Haven?

Posted at 13:25h in Bitcoin News by

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Bitcoin fell by as much as 5.54 percent on Wednesday after bond markets warned the possibility of a recession is growing.

The BTC/USD instrument today established a new local swing low of $9,470 on San Francisco-based Coinbase exchange. The downside price action brought the pair’s week-to-date losses to circa 18 percent. It nevertheless attempted a small recovery above the $10,000, a psychological resistance level during an uptrend, and succeeded. As of 11:25 UTC, the BTC/USD instrument was trading at $10,075.

bitcoin, us stocks, btc usd

Bitcoin Price Continues Its Downside Correction | Image Credits: TradingView.com

Bad Day for US Stocks

The bitcoin’s intraday action followed a disappointing day on Wall Street. The S&P 500 index closed the session down 2.9 percent, with energy stocks leading the fall. At the same time, tech-heavy Nasdaq also ended after slipping circa 3 percent on the day.

It was a bad day for treasuries as well. Both the US and UK 10-Year Government Bond Yields plunged below the yields of…

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