- In the wake of a significant plunge, Bitcoin has managed a modest resurgence, boasting a daily increase of 6.75%—a feat worthy of a standing ovation! 👏
- However, the crypto realm may face further tribulations should the S&P 500 Index succumb to a predicted 5% decline. Oh, the drama! 🎭
Since the grand inauguration of President Donald Trump, accompanied by the cacophony of trade wars, the U.S. markets have been on a downward spiral, akin to a tragic hero in a Dostoevskian novel, suffering losses that would make even the most stoic investor weep.
Amidst the swirling uncertainties of macroeconomic conditions and political turmoil, the U.S. market finds itself in a state of disarray. As anticipated, these tumultuous conditions have cast a long shadow over the broader crypto market, with Bitcoin plummeting to levels reminiscent of pre-election days, as if it were a character in a Tolstoy epic, grappling with fate.
The Great Eraser of Post-Election Gains
The decline of the S&P 500 has been nothing short of a Shakespearean tragedy, with major indices erasing their post-election gains and returning to pre-election levels (November 2024). For instance, the S&P 500 index has plummeted by 45.22 points in just five days—an impressive feat of despair!
This dismal trend has not spared the wider markets either, as if they were all caught in a collective misfortune.
Consider this—The Nasdaq 100 has seen all its gains vanish, retreating to levels last seen in July 2024, while the S&P 500 and Dow Jones now languish at Q4 2024 levels. Even the mid-cap S&P 400 has erased its gains since March 2024, recently hitting a yearly low. Truly, a comedy of errors!
This unfortunate trend is a product of recently released data from the CPI, the Consumer Index FOMC meetings, and the ever-volatile political landscape.
As the entire U.S. market dips, the crypto market feels the sting, with both Bitcoin and altcoins recording losses that would make even the most seasoned trader sigh in resignation.
Bitcoin’s Dance with Market Volatility
Bitcoin, that capricious creature, tends to react with fervor to the whims of U.S. market volatility.
For instance, when the S&P 500 fell by 45 points, BTC also succumbed to a 4-month low. Yet, as the S&P 500 recovered by 1.59% in the following 24 hours, so too did Bitcoin, albeit with a more dramatic flair—an impressive recovery of 6.74%, allowing it to reclaim $84k on the charts. Bravo! 🎉
This connection is evident, driven by U.S. investors—both institutions and individuals—who seem to be playing a game of financial chess. This is evidenced by a negative Coinbase premium index, which has lingered for the past week like an unwelcome guest.
The drop in the S&P
Read More
- IP PREDICTION. IP cryptocurrency
- PSP PREDICTION. PSP cryptocurrency
- NYM PREDICTION. NYM cryptocurrency
- How to watch A Complete Unknown – is it streaming?
- USD VES PREDICTION
- EUR PKR PREDICTION
- CAKE PREDICTION. CAKE cryptocurrency
- EUR IDR PREDICTION
- INJ PREDICTION. INJ cryptocurrency
- USD MXN PREDICTION
2025-03-02 00:10