RATE Group | S&P 500 Pumps as Bitcoin Stagnates; Here’s Why That’s Bad for BTC
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S&P 500 Pumps as Bitcoin Stagnates; Here’s Why That’s Bad for BTC

04 Mar S&P 500 Pumps as Bitcoin Stagnates; Here’s Why That’s Bad for BTC

Posted at 22:11h in Bitcoin News by

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It has been an incredibly turbulent past couple of weeks for the global markets, with the US stock market seeing intense losses while Bitcoin (BTC) and the aggregated crypto market continue facing some intense downwards pressure.

Although BTC has been closely correlated to the traditional markets over the past few days, it is important to keep in mind that this correlation appears to have broken today, as the major US stock market indices have bounced today while Bitcoin remains stuck below $9,000.

The benchmark cryptocurrency’s recent price action has led one Gold bug and outspoken crypto critic to note that BTC is especially bearish due to its inability to pump with yesterday’s emergency 50 basis point rate cut from the Federal Reserve.

Bitcoin Stagnates as US Stock Market Recoups Yesterday’s Losses 

It has been a rollercoaster of a week for the US stock market, with the benchmark indices incurring incredibly volatile price action.

The week kicked off with an intense rally that…

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