• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bloomberg Goes Bullish on Bitcoin on Latest Nasdaq Decoupling
Nexo Logo

Bloomberg Goes Bullish on Bitcoin on Latest Nasdaq Decoupling

Yashu Gola by Yashu Gola
2 years ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

Bitcoin is on track of further price appreciation as it decouples from a classic positive correlation with tech stocks, according to Mike McGlone of Bloomberg Intelligence.

On Wednesday, the senior commodity strategist highlighted the ongoing trend deviation between the flagship cryptocurrency and the Nasdaq 100 Stock Index — a benchmark that tracks the market performance of leading US technology companies.

He posted a chart that showed BTC/USD in a clear uptrend in comparison to a slightly bearish Nasdaq 100, at least in the previous five weeks. Excerpts:

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

“Underpinnings for further appreciation in Bitcoin are improving vs. the Nasdaq 100 Stock Index. The extended link since 2017 between the price of the benchmark crypto and technology-led equity gauge appears to be ending, with fundamental and technical factors favoring Bitcoin.”

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT, Nasdaq
Bitcoin-Nasdaq correlation. Source: Bloomberg Intelligence
Bitcoin-Nasdaq correlation. Source: Bloomberg Intelligence

Nasdaq-BTC History

The rise of coronavirus infection rates earlier this year played a key role in sending tech stocks higher. Apple and Microsoft reclaimed its trillion-dollar market capitalizations. Meanwhile, the global lockdowns also helped Alphabet (Google) and Amazon enter the cuatro comma club.

Overall, the Nasdaq 100 surged by as much as 41.22 percent as of September 3 on a year-to-date timeframe. In comparison, the Nasdaq Composite Index was up by a maximum of 30.17 percent.

Nasdaq 100, us100
Nasdaq 100 consolidates after topping out September 2. Source: US100 on TradingView.com
Nasdaq 100 consolidates after topping out September 2. Source: US100 on TradingView.com

Bitcoin, a tech asset itself without a listing on leading Wall Street indexes, surged 121.36 percent after establishing its yearly high near $16,000 earlier this month. That pushed the cryptocurrency’s market capitalization (~$200 billion) above that of PayPal Inc (~$186 billion).

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The Nasdaq 100 started correcting lower because of a string of reasons, ranging from a long delay in the second coronavirus relief bill and — more recently — the stock reallocation that followed a successful trial of a potential COVID-19 vaccine by Pfizer and its partner drugmaker BioNTech.

Bitcoin Unnerved

While Bitcoin corrected alongside the Nasdaq 100 on the stimulus delay woes, it refused to bulge into the vaccine news. A sell-off attempt in the cryptocurrency market met with a strong bullish response. As of Wednesday, BTC/USD was hinting to retest $16,000.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin continues heading higher towards $16K. Source: BTCUSD on TradingView.com
Bitcoin continues heading higher towards $16K. Source: BTCUSD on TradingView.com

The contrasting moves between the Nasdaq 100 and Bitcoin attempted to show investors’ absence of reliance on the tech stocks for further market cues on the cryptocurrency. As Mr. McGlone also highlighted, Bitcoin now has its own fundamental and technical catalysts to fuel its price rally.

One of them is the latest endorsements by mainstream investors. Months after hedge fund veteran Paul Tudor Jones called Bitcoin “the fastest horse” in the financial markets, billionaire investor Stan Druckenmiller said that he holds the cryptocurrency as insurance against monetary inflation.

Last month, PayPal also forayed into the Bitcoin sector by launching services that allow millions of its users to sell, purchase, store, and spend cryptocurrencies.

Tags: bitcoinbtcusdBTCUSDTcryptocurrency
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
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. 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.

Related Posts

MicroStrategy

MicroStrategy Will Not Dump Any Of Its Bitcoin, CFO Reveals

13 hours ago
Bitcoin

Bitcoin NUPL Touches Lows Not Seen Since COVID Crash, Rebound Soon?

17 hours ago
Bitcoin

Long Liquidations Continue To Rock Market As Bitcoin Struggles To Settle Above $30,000

19 hours ago
El Salvador bitcoin

More Stress For El Salvador As Bitcoin Dips To $29,000

2 days ago
Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up

Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up

2 days ago
Bitcoin and Ethereum

Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover

2 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

DeHub Launches The First Blockchain End-To-End Entertainment Hub

May 21, 2022

Carbon Removal Marketplace Achieves Key Milestone

May 21, 2022

NFCore (NFCR) Is Now Available for Trading on LBank Exchange

May 20, 2022

How to Gain Great Sums with Quitriam Finance (QTM), Cosmos (ATOM), Flow (FLOW)?

May 20, 2022

3 Cryptocurrencies that could give you Greater Gains: Mushe Token (XMU), Cardano (ADA), and Polkadot (DOT)

May 20, 2022

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.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 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.