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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Stock Market, Bitcoin, and Gold: Everything Is Collapsing Together

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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The stock market just had its worst one-week correction since the global economic recession, with Bitcoin and gold falling in tandem.

Is the fact that these once uncorrelated assets are suddenly all collapsing together in unison a signal that a greater global economic meltdown is on the horizon?

As the Stock Market Crashes, Bitcoin and Gold Follow

Global markets are experiencing the biggest shakeup in over a decade on the heels of the coronavirus possibly reaching potential pandemic status.

The virus is spreading rapidly, the death toll is rising, and the world is only just starting to feel the impact that a widespread pandemic would have on the greater global economy.

In just one week, over $6 trillion was wiped out from the stock market, with top indexes like the Dow Jones Industrial Average, NASDAQ, S&P 500, and many more, suffering the worst one-week performance since the last recession.

Related Reading | S&P 500 Crash Resembles Illiquid Altcoin Crypto Whale Dump

The selloff across the stock market sparked a selloff in the crypto market after the asset class grew by over 50% year-to-date.

Bitcoin fell from highs around $10,000 to as low as $8,400.

Gold, an asset that typically performs well during times of economic distress, also had a massive correction that took the price of the asset from. $1,690 to $1,550.

Gold is considered a safe-haven asset, and a flight of safety for investors when disaster hits the economy.

Bitcoin shares many of the same attributes as gold, potentially making it an ideal vehicle for capital during downturns, however, the asset may be too young to realize that potential.

Can the Coronavirus Cause a Total Economic Collapse?

Instead, Bitcoin and crypto, like the precious metal and the stock markets, have been falling like a rock following the coronavirus escalation.

What’s most unusual, is the fact that this highly uncorrelated, and even anti-correlated assets, are suddenly performing in a strangely similar fashion.

Not only were all assets falling together, but they all bounced at a similar depth, and even closed the last three days with a morning star doji, depicted by a red candle down, a doji, then a green candle back upward. The same candle structure can be found on the DJI, XAU/USD, and BTC/USD price chats.

morning star bitcoin gold dji dow jones sp500

The pattern typically signals that the drawdown will go no lower than the doji in the center of the formation, however, given the strength of the coronavirus-related selloff, it is difficult to trust even what is typically a reliable signal.

Related Reading | Has the Coronavirus Put an End To the Bitcoin Safe Haven Narrative? 

With the economy on the brink of collapse, the fear across the market is so strong that anything is possible, and it is even causing uncorrelated assets to plunge all at once.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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