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Bitcoin Breaks Correlation With US Equities, Outperforming The S&P 500 As Congress Continues Stall Stimulus Plan
Summary: Bitcoin's price has jumped by just over 3% bringing it close to its key resistance level at 12,000 on Monday, October 19. Bloomberg's Galaxy Crypto Index, which tracks the industry's largest coins, gained 4.5% with privacy coins Monero and Dash at the head of the pack with 5% gains each. Bitcoin's growth could have been ...
Bitcoin's price has jumped by just over 3% bringing it close to its key resistance level at 12,000 on Monday, October 19.
Bloomberg's Galaxy Crypto Index, which tracks the industry's largest coins, gained 4.5% with privacy coins Monero and Dash at the head of the pack with 5% gains each.
Bitcoin's growth could have been sparked by Federal Reserve Chairman Jerome Powell stating that the United States is undecided on whether or not to issue a central bank digital currency. Powell added that Facebook's Libra coin is part of what is driving the nation's interest in CBDCs. Many in the crypto community took Powell's remarks as an opportunity to highlight that Bitcoin already serves as a global and decentralized digital currency.
Bitcoin's performance today broke a streak of matching the US equities market as the S&P 500 dropped following continued uncertainty surrounding a new COVID-19 stimulus bill.
By Emily Mason
Tags: Bitcoin,BTC,S&P 500
Link: Bitcoin Breaks Correlation With US Equities, Outperforming The S&P 500 As Congress Continues Stall Stimulus Plan [Copy]
