Express
Bitcoin's Recent Price Drop Could Be Linked To Twin Stock Market Decline
Summary: After a recent bull trend, Bitcoin's price dropped to $11,219 on Friday, August 7 after disappointing new job data and a stock market slump. The Dow Jones dropped by 0.28% followed by more significant price dips for Ethereum and Bitcoin. In recent months, Bitcoin has shown a strong correlation to the stock market suggesting that ...
After a recent bull trend, Bitcoin's price dropped to $11,219 on Friday, August 7 after disappointing new job data and a stock market slump.
The Dow Jones dropped by 0.28% followed by more significant price dips for Ethereum and Bitcoin. In recent months, Bitcoin has shown a strong correlation to the stock market suggesting that its strength is tied to the U.S. economy's performance, data from Skew shows.
The new job data showed that while more people have been hired in recent months, most have been low paying part-time hires. Data also shows that 13 million people are still unemployed.
The slowed talks of a stimulus deal in Washington combined with increased tensions with China following Trump's attacks on popular Chinese-based social networking app TikTok could negatively affect the stock market and in turn Bitcoin. At the time of writing Bitcoin is trading hands at $11,541 and is down 2.46%.
By Emily Mason
Tags: Bitcoin,U.S. Economy
Link: Bitcoin's Recent Price Drop Could Be Linked To Twin Stock Market Decline [Copy]
