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BITCOIN PRICE IS FALLING WITH THE STOCK MARKET!!!

Bitcoin (BTC) failed to maintain its technical strength after bouncing off $9,000 last week, recently slipping under that crucial support after days of back-and-forth between bulls and bears.

On leading derivatives exchanges, the BTC price fell as low as $8,920.

Prices fell to a similar region on spot exchanges. From the day’s highs, Bitcoin is down around 6%.

Altcoins are down a similar amount to BTC, with all cryptocurrencies trading with a high correlation as is the norm.

Approximately $20 million worth of BitMEX long positions have been liquidated in the past two hours, according to data from Skew.com.

This adds to the approximately $10 million more in liquidations that have taken place over the past 24 hours as BTC has expressed weakness.

Along with the liquidations, data from cryptocurrency data site CryptoQuant indicated that during the move lower, there was an influx of Bitcoin being deposited into exchange-owned wallets.

This suggests there was (and maybe still is) a panic amongst holders to sell their coins as expectations of a strong move lower grow.

Bitcoin’s latest leg of weakness corresponds with a blood-red open for the futures of American equities.

As can be seen in the chart below, from the open of the S&P 500 futures (ES1) on Sunday evening, Bitcoin traded in an effective lockstep with equities.

The futures are down 3% since their open, meaning they are slightly outperforming BTC.

The cryptocurrency trader that predicted BTC would see a V-shaped reversal from March’s lows commented on this phenomenon of correlation on June 14th:

“Once equities correct strongly, odds that $BTC sees a correction too are large. Simple math, increased demand for cash may have its influence temporarily.”

Unfortunately for Bitcoin bulls, there are prominent investors expecting stocks to continue to correct lower.

Guggenheim Partners’ global CIO Scott Minerd recently went on CNBC’s “Closing Bell” to discuss his outlook for stocks.

The prominent fund manager said that he sees a scenario in which the S&P 500 falls to a fresh low of 1,600, which would be a nearly 50% drop from the current price point.

Considering that Bitcoin crashed around 50% on a less-than 10% drop in the stock market, such a drop could prove to be disastrous for cryptocurrencies.

In other trending Bitcoin News today:

FINANCIAL AUTHOR THINKS BITCOIN IS “LIKELY” TO BECOME THE WORLD RESERVE CURRENCY

Speaking to Max Keiser of Keiser Report, CEO of e-commerce company BuildDirect and a financial author Jeff Booth said that he thinks Bitcoin is a “likely candidate for world reserve currency” status:

“First of all, I see Bitcoin as a likely, a very likely candidate for a world reserve currency. So, I see it has a really good chance of winning over time as it works on a network effect.”

Booth is far from the first individual to have identified a scenario in which Bitcoin rises to become the world’s reserve currency, or at least grows to a point where it makes an attempt at that title.

Preston Pysh, a prominent financial analyst and author, explained that the fiat money system is poised to “break.”

By “break,” he means a world where there is either complete “social unrest” due to effectively too much money in the system or a “natural transition to a different form of money” as people lose faith in the old system.

Pysh sees Bitcoin as a likely contender to become the “different form of money” because “it’s the option none of the governments want, but it’s also the solution they can’t easily stop.”

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

As much as the monetary base is inflated, for now it seems that fiat in circulation and its velocity are lowThat means many entities are sitting on their cashSo who have been buying stocks?And who have been pushing stocks, zero fees etc?

To me it paints a clear picture

— //Ethereum 𝕵ack 🐾 (@BTC_JackSparrow) June 14, 2020

Bitcoin Price Dives Under $9,000 as S&P 500 Starts Week Off Blood Red

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Many analysts asserted that 2020 would be a strong year for the Bitcoin price long before the current global economic crisis began.

Most notably, the flagship cryptocurrency was expected to jump after May’s block reward halving.

New data now suggest that these BTC predictions are still on-track.

Analyst PlanB continues to stand by the assertion that Bitcoin’s stock-to-flow ratio points to extremely high gains after the halving.

This metric is determined by comparing present inventory to production and is a common tool used to gauge the value of hard commodities such as precious metals.

PlanB has just tweeted:

“So btc has been oscillating around S2F value of $7000 for 2.5 years now. Just like before 2016 halving ($300) and before 2012 halving ($6). Excited to see if we are going to add another zero after the halving in May.”

Thus, although a prediction of USD $70k may seem outlandish, it would be perfectly in-line with previous gains for the flagship cryptocurrency.

Also, there is no doubt that the capital exists to drive Bitcoin this high, as well as the public interest.

In fact, government responses to the impending recession may make Bitcoin and other cryptocurrencies even more attractive.

A just-published article on HackerNoon asserts that the banks and legacy financial companies are all but certain to receive massive bailouts, just as they did in 2008.

However, unlike twelve years ago, the infuriated public has the opportunity to put their assets into crypto, which will boost prices.

Author Mark Helfman writes: “Don’t underestimate the potential for this financial crisis to spur people into buying crypto and building businesses around crypto-based products, services, and processes.

People might get so angry that they look for an “out” that doesn’t involve the banks, governments, and corporations.”

It is worth noting that Bitcoin was born out of frustration with central banks, and the U.S. government’s willingness to prop up incompetent and corrupt financial institutions.

It is safe to assume that a repeat of this cronyism would only drive more investors into the crypto space.

Market activity notwithstanding, the development and adoption of Bitcoin and other cryptocurrencies are rapidly taking place.

Of particular note is the institutional embrace of blockchain technology by a wide range of industrial sectors.

Also, whereas fiat remains strong for purchases, the world is increasingly turning to crypto for remissions and financial transfers.

It is these real-world use cases that will play a key role in driving up Bitcoin’s value.

In other words, the central bank-issued fiat must now compete with a new asset class that offers many clear advantages.

When placed in this context, predictions of much higher Bitcoin prices are very realistic.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

So #btc has been oscillating around S2F value of $7000 for 2.5 years now. Just like before 2016 halving ($300) and before 2012 halving ($6). Excited to see if we are going to add another zero after the halving in May🚀 pic.twitter.com/2pkCgOSAEN

— PlanB (@100trillionUSD) April 4, 2020

Bitcoin Just Passed $7,000 Yet Again: What Do Analysts Think Is Next?

Bank of Korea Begins Central Bank Digital Currency Rollout

Bitcoin Follows Pre-Bull Run Pattern That Sent Amazon Stocks Soaring

Will Bitcoin Price Hit $70,000 Post Halving?

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Bitcoin has a better probability of recovering back to $60,000 than breaking below its current support level of $30,000 to target $20,000, believes Mike McGlone, senior commodity strategist at Bloomberg Intelligence.

McGlone, who’s known for his previous bullish calls on Bitcoin, noted that BTC, which has been consolidating near $30,000 since May, could post a similarly surprising rally while aiming to hit a refreshed resistance target near $60,000.

“The more tactical-trading-oriented bears seem to proliferate when Bitcoin sustains at about 30% threshold below its 20-week moving average, allowing the buy-and-hold types time to accumulate,” the strategist wrote.

In other trending Crypto News today: 

Macro analyst and Real Vision CEO Raoul Pal says the clearest bet in the crypto space right now is on Ethereum.

The former Goldman Sachs fund manager tells Camila Russo in a new interview on The Defiant that ETH currently offers the best risk-to-reward ratio.

“If you can only own one asset over the next 12 months, what would it be? It would be Ethereum. Because it’s the least risky with the highest rewards.”

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Trezor: ► http://trezor.cryptonewsalerts.net

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

https://cointelegraph.com/news/60k-is-now-more-likely-for-bitcoin-than-20k-bloomberg-s-senior-strategist-asserts

https://cointelegraph.com/news/nigeria-to-pilot-central-bank-digital-currency-in-october

https://cointelegraph.com/news/just-hodl-bitcoin-and-ethereum-outperform-lower-risk-crypto-index-funds