Bitcoin falls to new lows as stock markets correct — Did something break?

📆 4/12/2024 8:49 PM
📰 Cointelegraph

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Poor performance from the stock market and concerns about the Federal Reserve’s monetary policy result in a sharp correction in Bitcoin price.

After reaching an all-time high on March 28, the S&P 500 has faltered, slipping below the 5,150-point threshold on April 12. Bitcoin price has also reacted negatively within the same timeframe so it makes sense to analyze if the drivers for the stock market correction also apply to cryptocurrencies.The S&P 500 index's 2.9% dip from its peak of 5,333 may appear modest, but it marks the first time in four weeks that the U.S. stock market index has traded below 5,120.

The primary reason for today's stock market downturn is persistent inflation, prompting the central bank to maintain higher interest rates, thereby reducing liquidity. However, this scenario might be seen as inherently positive for Bitcoin, as, like gold, the cryptocurrency benefits from being a scarce asset. GoldGold prices in USD vs. US 5-year Treasury yield . Source: TradingView

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