Market update
Market Update 15th – 21st April 2020
In Markets
Bitcoin has been trading between $10,400 and $11,500 this week. It fell 4.5% in the past 24 hours following losses on Wall Street. Overall Bitcoin is up 1.1% for the week and is trading around $11,000 at the time of writing. Today’s plunge wasn’t enough to erase Ether’s gains for the week, which are currently 10.7%. XRP (-2.3%), Bitcoin Cash (-0.6%), Bitcoin SV (-1%) all suffered minor losses for the week, Litecoin broke even while EOS (3.5%) and Stellar (3.9%) made up ground.
Market Update 8th – 14th April 2020
In Markets
After the best week since 1974, US stocks fell on Monday, with the Dow closing 1.4% down and the S&P 500 down 1%. Bitcoin fell 4.5% in tandem and it’s currently trading at just under $10,800, which is 5.8% down on a week ago. Everything else was in the red: Ethereum (-6.4%), XRP (-3.75%), Bitcoin Cash (-11.3%), Bitcoin SV (-0.75%), Litecoin (-7.6%), EOS (-9.4%) and Stellar (-2.1%). With the correlation to stocks appearing to hold, it’ll be interesting to see what happens as quarterly earnings reports are released from today. Quantum Economics founder Mati Greenspan predicts the earnings season will be “probably the worst in history”.
Market Update 1st – 7th April 2020
In Markets
It’s been a positive week in crypto markets with Bitcoin up 14% on seven days ago to trade above $12,000 at the time of writing. It remains 8.1% down for the month. Ethereum surged 20% in the past day and is up 30% for the week. Everything else was green including EOS (24%), XRP (14.9%), Bitcoin Cash (16.6%), Bitcoin SV (15.3%), Litecoin (15.8%) and Stellar (24.9%). The rise in the past day coincided with a 7% increase in the S&P 500. While JP Morgan thinks the worst is over for markets, Guggenheim predicts a 40% slide for stocks when unemployment, growth, and earnings data comes out. Let’s hope Bitcoin treads its own path.
After dropping to $9721 yesterday, the Bitcoin price was trading just under $10,500 at the time of writing to end the week close to where it began. The 9% increase since yesterday once again reflects moves on traditional markets, with the US S&P 500 up 3.3%, the FTSE 100 up 1.7%, and the ASX200 up 7% yesterday. This correlation is a potential danger sign as many pundits tip further falls on traditional markets as the coronavirus death toll rises and economic impacts become clearer. Most of the top ten are trading where they were this time last week: Ether (0.15%), Bitcoin Cash (1.22%), Bitcoin SV (-1.5%) and Litecoin (1.6%). XRP gained a more significant 9.3%, while Stellar was up 2.9%. The crypto Fear and Greed Index is at 10, indicating Extreme Fear – however Bloomberg’s GTI Vera Convergence Divergence Indicator has just flashed its first buy signal in three months.