Bitcoin Shows Strong Divergence from Equities as BTC Price Drops Under $60,000

This post was originally published on Coinspeaker

Bitcoin’s major divergence from the US equity market comes amid forced selling by BTC miners in order to cover their operational costs.

While the S&P 500 continues to make new all-time highs every passing day, Bitcoin has been losing crucial support levels. In the last 24 hours, Bitcoin price has tanked by 4.56% slipping under its crucial support zone of $60,000.As of press time, Bitcoin is trading at $59,892 with a market cap of $1.181 trillion. Bitcoin has continued to give sideways movement in the past couple of weeks showing a major divergence with the equities market.

On the macro front, Federal Reserve Chairman Jerome Powell made some important comments stating that the central bank has made “quite a bit” of progress on inflation. However, he added:

“We want to be more confident that inflation is moving sustainably down toward 2% before we start the process of reducing or loosening policy.”

Powell’s comments came at a central banking forum in Sintra, Portugal.

The Fed’s dovish stance appears to have influenced equity markets, as futures rose following this week’s inflation statement. Dow Jones Industrial Average futures increased by 0.073%, and S&P 500 futures edged up by 0.018%

Read the rest of this post, which was originally published on Coinspeaker.

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