BitXLanka.Com- Sri Lanka Bitcoin & Crypto Currency Tracker logo BitXLanka.Com- Sri Lanka Bitcoin & Crypto Currency Tracker logo
Seeking Alpha 2022-01-24 19:50:38

Bitcoin rebounds back over $36K as risk assets ease some losses

Bitcoin (BTC-USD) bounces back into positive territory as risk assets erase some earlier losses. Earlier on Monday, bitcoin (BTC-USD) reached as low as $32.8K per token, marking its lowest level seen since July, now changing hands just under $36K. Major U.S. stock market indices like the Dow Jones (DJI) -1.9%, S&P 500 (SP500) -2.1% and Nasdaq (COMP.IND) -2.1%, also extend losses from last week's correction. Stocks and bitcoin appear to be trading closely together as both asset classes rebound within a broader decline. Looking at the relatively strong correlation between bitcoin (BTC-USD) and the S&P, "crypto can be viewed as a leading barometer of global liquidity as it's the most speculative of all the risky asset classes. It has been leading S&P in both directions (with some noise obv, not perfect)," Spectra Markets President Brent Donnelly writes in a Twitter post. Donnelly makes a compelling point as bitcoin (BTC-USD) peaked at $69.4K in mid-Nov.

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.