Bitcoin rose towards $40K Create Bear Market worry
The largest cryptocurrency’s upwards move shock the bear cartel, even as stock dipped due to concern over surging oil price.
Bitcoin was oscillating around $39K, after dipping below $38K earlier this session, now is moving forward towards the key psychological threshold of $40K.
Brent crude jumped as high as $139 a barrel on Monday, a 14-year high – not too far away from the record $147 reached in 2008.
Europe’s Stoxx 600 and Asia Dow dropped more than 3%, while U.S. S&P 500 futures traded 1.4% lower. In India, the rupee lost 1.1% to trade at a record 76.98 per dollar. Germany’s benchmark DAX Index lost 4% on Monday, entering the dreaded “bear market” territory – a term for when assets lose more than 20% of their value over two months.
“Cryptocurrencies do not remain aloof from politics, and they are weakly confirming the role of an alternative to the banking system now,” shared Alex Kuptsikevich, financial analyst at FxPro.Maybe this could be one logical explanation of the behavior of bitcoin.
Despite all these trends in the traditional market, the crypto market is going upwards, but the future looks uncertain as the soaring oil prices might put more pressure on inflation. Let’s wait and see what happens in the future.
Until next time.....
Written By- Shriyansh Jain