Why is Bitcoin now inversely correlated to good news about Corona?
Why is Bitcoin now inversely correlated to good news about Corona?
Benjamin Morgan
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Julian Rodriguez
WHAT JUST HAPPENED BROS
Bentley Harris
BUMPING BECAUSE IMAGE IS UFNNY
Julian Evans
Because the pump is due to a vaccine which people think means everyone will go back to work and the economy will boom. In reality we are about to roll into a deep recession so it’s a good time to sit in cash and wait for assets to get cheap and go on a buying spree.
Carter Miller
$ is mooning.
Andrew Clark
it means the money printer is going to stop user
pandemics are good news
Benjamin Hill
there is zero correlation, how about the 2 days ago dump?
it's just a bit overbought, it will crab a bit and then go to ATH
Lincoln Cook
In case you've been living under a rock for the last 6 months, Bitcoin is being espoused as the new digital gold, as it's better for this purpose in every conceivable way. GLD is down too.
Everyone wants a piece of beaten down stocks right now. Short term adjustment, long term nothing has changed. Inflation is still f'd and stock market is still sitting at ATH, and that was from the previously bloated pre-covid levels.
Parker James
>it means the money printer is going to stop user
>zero interest rates until 2025
pick one
Christian Allen
Zero interest rates means nothing if no one is borrowing.
Jace Scott
Exactly, the point is the money printer has never stopped. Look up the burrito index - by holding cash you're holding on to an asset that bleeds out by 7% on a good year(!). Their recent targeting of twice that level means inflation around 10-15%. That's why people don't invest in cash, it should only ever be used as a quick means of exchange.
If this isn't reason enough to get into Bitcoin, then you don't have your finger on the pulse.
Liam Rivera
It's not retard
Nicholas Rogers
Because it means the economy will return to normal and dollar domination will continue,
Henry Mitchell
>bitcoin is overpriced as fuck
>stocks are cheap due to the pandemic
>vaccine just got out
This isn't rocket science user, stop being retarded
Bentley Perez
>the pump is due to a vaccine
But what about the BTC dump?
Jose Ramirez
>Bitcoin is being espoused as the new digital gold
Is that why it dumped and recovered entirely in tandem with the stock market?
Gabriel Cruz
Bitcoin is 25-30% down from its ATH, while stocks are pretty much at ATH.
Stop sniffing glue.
Michael Ramirez
Stocks are pumping, normies are just moving to where it seems theres more grass like the sheep they are
Imagine being this retarded
Dominic King
>Stocks are pumping, normies are just moving
Then explain how Bitcoin dumped and recovered entirely in tandem with the stock market since march?
>Imagine being this retarded
What?
It's the literal truth you dumbass.
Dow: ATH = 29k (just like now)
BTC: ATH = 20k (now it's 25-30% lower than that)
Jace Adams
From March? Like I said, a lot has happened recently. More people are understanding its value as a store of value (due especially from the inflation and people using everything from tech stocks to pokemon cards as store of value) but you still have a lot of leftover people that view it as a simply currency.
Bitcoin became uncorrelated to the stock market after the stock market fizzled out after hitting its previous ATH's, whereas Bitcoin kept moving ahead. I'm going to be honest and say that it's probably a good time to shuffle money in and out of the stock market right now (get out of tech stocks too), and wait for a possible BTC dip. But in the coming months I would put 90% in Bitcoin. The stock market is going to get really stupid soon I imagine, valuations no longer matter, and we're due for major reshuffling as institutional wealth decides what to do. Retail doesn't matter.
Easton King
John Martin
Bitcoin has been generally moving in tandem with the stock market all throughout the pandemic. Stocks are at ATH, while BTC is still 25-30% down from ATH.
Everything was correlated to each other, because everything stands of falls with society collapsing or not.
It makes no sense that good news about Corona should pump stonks but dump BTC.
Jaxon Turner
That's a funny picture.
Justin Taylor
>BTC: ATH = 20k
What do you think this means? You fucking animal, this happened years ago when bitcoin was what everybody was talking about, do you think just because of that pump that happened YEARS ago bitcoin is going back to 20k in the next month? No, anybody with a 3 digit IQ would know that you don't buy bitcoin at 14k
>Dow: ATH = 29k
BAHAHAHAHAHA look at literally any stock in the last year and you will see a 50-80% drop due to the pandemic and literally last week almost every stock was still dropping, just because mega companies are doing good doesn't mean you can't find gems in the market specially now that everything else that isn't crypto is pumping hard
Lincoln Stewart
>What do you think this means?
It means that BTC is still 25-30% removed from its ATH. Meaning it has more breathing room compared to the local high just before the March crash.
>look at literally any stock in the last year and you will see a 50-80% drop due to the pandemic and literally last week almost every stock was still dropping
Imagine not knowing what the Dow Jones is.
Isaiah Rogers
I have money in both, I know exactly what they're doing, I don't have to look at charts, there was a point where SPY completely stopped paying me (in fact started to regress) and Bitcoin kept paying me (This was around when Bitcoin went from 12-15, the stock market did nothing during this period).
Everything is correlated at the macro level, but that doesn't mean you can't find periods where they are completely uncorrected, and uncorrelated trends over time.
Stocks are pumping because many stocks are still beaten down (take CCL for example, that's why CCL just made a vertical line and BTC did not). If you understand Bitcoin as emerging store of value, then you'll understand why it's fizzled today, and GLD is also down. It's all very transparent.
Elijah Murphy
It's not, but believe whatever you want.
Nathan Wilson
What this guy said, you're way out of touch with Bitcoin no offense. Is this your first day of looking into it, there's a lot more to understand. Good luck.
Tyler Morales
>massive news today about a 90% effective Corona vaccine that's almost ready
>BTC dumps
And vióla
Ian Adams
>This was around when Bitcoin went from 12-15
lmao so like two weeks ago?
Right when the stock market started rallying again too?
>macro level
Says the guy pointing to a two-week window.
Jose Carter
I just realized I'm replying to a reddit nigger
Nathaniel King
You're welcome for the lesson.
Asher Torres
That picture had me genuinely clutching my sides for several minutes, fuck me
Bentley Nelson
Pretty much this
You are literally losing money on BTC as we speak
Elijah Bell
>You are literally losing money on BTC as we speak
Hence the thread.
Easton Bailey
that's horrible, we had such a nice golden bull run and they just fuck everything up with their vaccine. our only hope is this mutations in minks that might require a new vaccine and could spread over the world soon.
i don't want to go back to the office
Robert Wilson
Corona made Bitcoin dump, not pump.
Hence, the vaccine news should make it pump, not dump.
Leo Cox
nah corona made stonks dump, which in turn pumped the dollar, which in turn dumped bitcoin. the devaluation of the dollar over the last weeks pumped bitcoin. it's all DXY, not covid.
Bentley Foster
how come
people bought more because no banks etc....
Daniel Nguyen
>corona made stonks dump, which in turn pumped the dollar, which in turn dumped bitcoin