The price of Bitcoin (BTC) dropped below $9,000 from $9,660 within seven hours. The 7% plunge comes as $55 million worth of long futures contracts were liquidated on BitMEX. Four factors are likely behind the sudden decline in the price of the top cryptocurrency by market capitalization. Namely: stocks sliding, selling pressure from miners, an extended period of low volatility, and repeated rejection of $10,000. The price of Bitcoin drops 7% in 17 hours. Source: TradingView.com Bad day for stocks and Bitcoin Stocks’ futures opened slightly higher Wednesday evening after a sharp sell-off during the regular market session, with the …

Wells Fargo anticipates U.S. corporate pensions will move $35 billion into fixed income. Analysts believe this may cause a sharp sell-off in the stock market and given the correlation between Bitcoin and stocks, this could leave BTC vulnerable for a pullback. KKM Financial managing director Dan Deming also warned that increased volatility in the stock market could lead various risk-on assets to slump. Will Bitcoin drop alongside stocks? The correlation between Bitcoin and the S&P 500. Source: Skew Since late March the price trend of Bitcoin and the S&P 500 index demonstrated strikingly similar correlation and data from Skew shows …

Chinese Bitcoin (BTC) miner manufacturer Ebang will reportedly be listed on Nasdaq Global Market under the ticker EBON later this week, becoming the second crypto mining company to go public in the United States. According to a report from Chinese crypto news outlet Blockbeats, Ebang will be officially listed on Friday, June 26. Additionally, Blockstream chief strategy officer Samson Mow tweeted a screenshot of an invitation to a Ebang event held at a hotel in Hangzhou, where the company is headquartered, which also starts on Friday. Ebang aims to raise $125 million, extending the original goal Ebang filed for a …

Bitcoin (BTC) should cost $18,000 right now — or the S&P 500 must crash, says the analyst behind the model that predicts a BTC price of $288,000. In a series of tweets on June 17, PlanB — the creator of stock-to-flow and stock-to-flow cross-asset — highlighted a correlation between the largest cryptocurrency and the stock market. Bitcoin vs. S&P 500: Something has to give According to PlanB, Bitcoin and the S&P 500 are both correlated and co-integrated, with the pair’s “R squared” value at 95%. Such a large correlation suggests that Bitcoin, as a dependent variable, is extremely susceptible to …

Bitcoin (BTC) dropped below $9,000 on June 15 as a new week produced fresh selling pressure across macro assets. Cryptocurrency market daily overview. Source: Coin360 Bitcoin's price tests $9,000 resilience Data from Cointelegraph Markets and CoinMarketCap showed BTC/USD entering the $8,000 range in Monday trading — for the first time since May 28. The latest bearish move follows a difficult week for Bitcoin in which markets almost regained $10,000 before shedding $800 in a matter of hours on Thursday. After spending the weekend at around $9,400, support gave way once more as the outlook for the week on stock markets …

The founder of investment firm Wilshire Phoenix, William Herrmann, said his firm’s recently filed U.S. Bitcoin fund notably differs from anything else currently on the U.S. market, based on its Bitcoin price sourcing and involved third parties. In an email exchange with Cointelegraph, Herrmann didn't mention Grayscale's Bitcoin Trust by name, but Grayscale is the most well-known U.S. product in the space. "The digital asset market has obviously experienced exponential growth, but the products currently in the space have not evolved with such growth," Herrmann told Cointelegraph. "We think investors deserve more." Grayscale Investments' Bitcoin Trust (GBTC) sits as one …

Experts in the financial market and the crypto industry foresee a major stock market correction unfolding in the short term. Given the high correlation of Bitcoin (BTC) with stocks observed in the past three months, there is a strong possibility that Bitcoin could follow suit. The United States stock market has seen extreme volatility after the Dow Jones Industrial Average dropped by around 7% on June 11, led by double-digit drops of airline stocks. A confluence of three factors is seemingly triggering sizable volatility in the stock market: uncertainty around the COVID-19 pandemic, institutions moving to cash and bonds over …

The CEO of a major trading platform has warned that a new stock market crash will come in less than a month, and investors should pay attention now. In a series of tweets on Tuesday, Yoni Assia, the CEO of eToro, forecast a crash coming “in the next three weeks.” Assia on the stock market: Buyer beware Arguing that recent stocks’ growth was speculative in nature, Assia said that a correction was now due. “There is a crash coming soon (in the equities market), in the next 3 weeks, someone, not sure whom, is going to sell/short their position and …

Bitcoin (BTC) exchange-traded funds, or ETFs, have faced unfair pushback from U.S. regulators, according to VanEck director and digital asset specialist Gabor Gurbacs. "There's a persistent double standard against Bitcoin and digital assets, which I think is wrong," Gurbacs told host Max Keiser on a recent episode of the Keiser Report. Bitcoin ETF denials by the bushel In its simplest form, a Bitcoin ETF is a financial product traded officially on mainstream stock markets, with shares representing exposure to Bitcoin's price. A Bitcoin ETF might be cash-backed or BTC-backed, depending on the product. This avenue essentially allows folks Bitcoin investment …

Even in light of recent riots, protests, and uncertainties, mainstream U.S. financial markets show upward prices due to overarching forces, according to Morgan Creek Digital co-founder, Anthony Pompliano. "Yes there are protests, there are all these things, but the bigger force is the fact that now all these businesses are opening up," Pompliano said in a June 2 episode of "Lunch Money" on his YouTube channel. "There's going to be more economic activity and there should be a recovery in that data." Economy returning to function After weeks of shelter-in-place orders and COVID-19 protection measures, many U.S. states are currently …

Cryptocurrency mining application specific integrated circuit (ASIC) producer Canaan filed with the U.S. Securities and Exchange Commission (SEC) to issue around $12.4 million worth of shares to its employees. According to the S-8 form, filed with the SEC on May 27, Canaan is looking to issue nearly $12.4 million of class A ordinary shares with a maximum offering price of $0.24 per share. As Cointelegraph reported in late November 2019, Canaan raised $90 million by selling 10,000,000 shares for $9 each in its initial public offering (IPO). According to Google Finance data, as of press time the firm’s stock had …

According to a May 26 tweet from a Messari researcher, goldbugs like Peter Schiff have been missing a trick. Over the past year, returns on stocks in gold mining companies have massively outperformed the return on actual gold. Fans of Bitcoin (BTC) however, can rest safe in the knowledge that stock in Bitcoin mining companies has tended to underperform the genuine article. Love gold? Buy a mine At first glance the performance of gold over the last twelve months seems quite impressive, with gains pushing close to 40%. That is, until one considers the stock of gold mining companies like …