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bitcoin price stock market dow jones macro storm
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Bitcoin Price Sinks 10% As Market Braces For Macro Storm Ahead

Tony Spilotro by Tony Spilotro
11 months ago
in BTC
Reading Time: 3 mins read
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Bitcoin price has shed 10% in a single day in an increasingly dangerous macro climate. Although the ultra-scarce cryptocurrency is claimed to be a hedge against catastrophic economic events, there is no telling how the volatile asset could react when it does finally arrive.

With the stock market on shaky ground and precious metals melting down further, is the top cryptocurrency and the rest its altcoin brethren about to experience a bleed out similar to Black Thursday? Or is this just a shakeout using nervous market sentiment over what ends up being a non-event? And which event are we referring to?

Bitcoin Price Sheds 10% Alongside Bearish Stock Market Sentiment

The cryptocurrency bull market has been cut short of expectations, causing a consolidation phase and bringing the market to a state of fear.

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As if sentiment wasn’t frightened enough in crypto from the 50% collapse in May, another 20% flash crash weeks ago froze bulls and price action in place. Another try for up over this weekend was promptly rejected with another 10% fall today.

bitcoin price macro

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Bitcoin price sank by 10%, but has yet to produce new monthly lows | Source: BTCUSD on TradingView.com

Are corrections getting smaller, or is there something else going on that could make the 10% only the beginning of something more? A potentially dangerous macro situation could present a mixed situation for the consolidating cryptocurrency.

Dow Jones Dips As Dangerous Macro Storm Brews

Bitcoin price has already recovered more than $1,000 since the bell rang at the official Monday morning market open. The forceful selloff started overnight after the weekly close, potentially due to stock market weakness.

The macro environment is on shaky ground considering a potential catastrophic default of China’s second-largest real estate developer, Evergrande. The default has Lehman Brothers-type implications, enough to cause domino effect and potential economic collapse and recession.

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The Dow Jones fell 1.87% during the same 24-hour period as Bitcoin’s 10% collapse, but given cryptocurrency’s notorious volatility the two situations are of similar magnitude. Normally stable metals have also suffered furthering the extended macro madness.

Dow Jones stock market

The Dow Jones its looking heavy | Source: DJI on TradingView.com

The Evergrande situation could ultimately turn into another scenario where an unprecedented amount of fiat currency is essentially printed to cover the debts the real estate giant can’t cover.

Bailouts were made an example by Satoshi Nakamoto, who called out such an instance in the cryptocurrency’s Genesis Block. “Chancellor on brink of second bailout for banks,” the Times headline reads.

Related Reading | Bitcoin Golden Cross: Everything You Need To Know About The Bullish Signal

These bailouts saved the stock market and the economy back then, and the strategy was used again to combat COVID. Can the economy withstand another flood of capital? Or will central banks and governments be forced to step in and let it all come crashing down? Most importantly, how does Bitcoin perform in any of the above scenarios?

Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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