NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Hits $9.3K as S&P 500 Heads for Another Winning Session

Yashu Gola
Yashu Gola
1 year ago
3 mins read
bitcoin, btcusd, s&p 500, cryptocurrency, crypto

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.

  • Bitcoin topped at $9,300 for the first time in a week on “halving FOMO.”
  • The cryptocurrency’s upside move surfaced as the S&P 500 index pointed towards new gains at the Wednesday’s open on Wall Street.
  • The gains across the board came despite concerns about the long-term impact of coronavirus on the global economy.

Bitcoin prices rose on Wednesday, crossing above the $9,000-threshold as traders anticipated bullish outcomes from the upcoming halving event.

The benchmark cryptocurrency topped at $9,300 after logging a 3 percent intraday rally. The move uphill stretched bitcoin’s rebound from March lows to 100 percent. Meanwhile, it further helped the unique asset maintain its year-to-date returns in positive territory, now above 26 percent.

bitcoin, btcusd, s&p 500, cryptocurrency, crypto
BTCUSD eyes a pullback after hitting $9.3K | Source: TradingView.com, Coinbase

Bitcoin Miners HODLING

The gains closely followed a surprising ascent in Bitcoin’s on-chain data. The cryptocurrency’s hashrate, a metric that reflects the computation power of the Bitcoin network, surged to its all-time high on Tuesday. The jump pointed at a growing miner’s contribution, with analysts reminding that it was their last chance to accumulate a 12.5 BTC reward ahead of halving.

Bitcoin’s mining reward will go down by half to 6.25 BTC per block effectively from May 12, 2020. Analysts earlier anticipated that the halving would push small miners out of business. But bitcoin’s latest upside push brought its prices way above the perceived breakeven, saving miners from going down.

“I have thought about a miner capitulation occurring at the halving,” said Jason Williams, co-founder & partner at Morgan Creek Digita. “But I am slowly changing my opinion on that point as I am not sure it will have that big an effect on the price. Large miners have already gotten the mines sorted and have the new equipment hashing.”

It is now possible that miners have started holding their bitcoin rewards, creating a supply deficit in spot markets.

S&P 500

Gains in the bitcoin market also surfaced after the S&P 500 index closed Tuesday 1 percent higher. Futures linked to the U.S. benchmark also pointed towards new upsides after the New York opening bell on Wednesday, with investors concentrating squarely on the reopening of the U.S. states following weeks of lockdown.

The correlation between Bitcoin and the S&P 500 grew to record highs against the fast-spreading coronavirus pandemic. They fell and rebounded hand-in-hand from February 2020, showing traders utilized their volatility to extract short-term profits. Bitcoin, with its higher risk-reward, offered more gains than its traditional counterpart.

bitcoin, btcusd, s&p 500, cryptocurrency
Bitcoin and S&P 500’s correlation grew amidst the fast-spreading Coronavirus pandemic | Source: TradingView.com

There are, however, pending concerns. Investors fear that reopening economies when the Coronavirus cases are surging could start a new wave of infections. Meanwhile, Donald Trump has raised the fears of a new trade war after accusing Beijing of leaking coronavirus from a lab in Wuhan.

All of that could add bearish pressure on the S&P 500. Losses in the U.S. benchmark could, in turn, lead investors to liquidate their profitable bitcoin positions.

Photo by Giorgio Trovato on Unsplash


Since you’re here… Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

Tweet123Share254ShareSend
Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Close

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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.

Related News

Celebrating a Milestone: UXLINK Marks First TGE Anniversary and Three Years of Innovation, One-on-One with Rolland Saf, CEO of UXLINK

As of July, UXLINK celebrates nearly three years of pioneering development in Web3, alongside the first anniversary of its Token...

News BTC 2 hours ago
Bitcoin crash

Analyst Calls For Bitcoin Crash As Price Pulls Above $108,000 — Details

The past weekend was favorable for Bitcoin as the price was able to rebound from last week’s lows and go...

Scott Matherson 4 hours ago
solana

Solana Summer Loading? SOL Eyes $180 Following Staked ETF-Fueled Breakout

Solana (SOL) has retested a crucial resistance level after recovering the $150 level over the weekend. The surge, fueled by...

Rubmar Garcia 5 hours ago
Load More

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.

Related News

Strategy

Bitcoin Shopping Spree: Strategy Continues Accumulation With $530M Purchase

Ronaldo Marquez 58 minutes ago

Labākās kriptovalūtas, ko iegādāties jūlijā – nākamie kriptovalūtas dārgakmeņi

lasma 1 hour ago
Ethereum price news

Ethereum Just Got Its MicroStrategy—Tom Lee Bets On Soaring ETH Price

Jake Simmons 2 hours ago

Premium Sponsors

Press Releases

  • 仮想通貨おすすめ|ビットコインがQ3に最高値を更新する前に注目すべき新興トークンとは

    ...

    20 minutes ago
  • UK-certified ETHRANSACTION Cloud Mining Launches Best Free...

    59 minutes ago
  • Urmăriți în această săptămână memecoin-urile SOLAXY, BONK și POPCAT.

    4 Meme Coin Tiềm Năng Dưới 1 USD Có Thể Bùng Nổ...

    2 hours ago
  • καλύτερα κρυπτονομίσματα

    Presale Coin Mới Ra Mắt: Token6900 Có Phải Là Một...

    3 hours ago
  • Alt coin Tốt Nhất Để Mua

    Alt coin Tốt Nhất Để Mua: ChatGPT Dự Đoán...

    3 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.