Bitcoin, Altcoins & Wall Street All Plunges Into The Red, But BTC Still Your Best Bet
- Bitcoin, altcoins still in red but making recovery while Stocks, Oil plummets
- Trade war tension has US manufacturing activity failing to 9-year low & US company growth has hit three-year low
- BTC is a “great diversifying asset” during these scenarios
Currently, the BTC/USD and crypto market is in the red. The leading cryptocurrency has dropped down to $7,725 with 24-hours loss of 2.14 percent. Top altcoins are also down 4 to 7 percent that has the total market cap at $240 billion. However, they have started to recover!
But it’s not just crypto market and unlike last few weeks when Bitcoin and cryptocurrencies moved in the opposite direction of the stock market, this time it’s not the case.
Amidst the US-China trade tensions, the yield on 10-year Treasury note hit a 52-week low while Dow Jones Industrial Average slips down over 300 points. Almost every one of the 30 companies that make up the Dow is in the red.
S&P 500 declined 1 percent while the Nasdaq Composite slid down 1.5 percent, and blue-chip index dropped 1.3 percentage. Oil is also continuing its slide as it loses 5 percent.
The latest flare-up in trade tensions has the shares of technology companies taking a drop and sending investors seeking the safety of US Treasurys.
Meanwhile, US company growth has hit a three-year low as these trade tensions batter the economy. Data form Markit’s Flash US purchasing managers index (PMI) fell down to 50.9 this month, from 53 in April, which is the weakest reading since February 2016. US manufacturing activity plummets to more than 9-year low.
This has been seen as the sign that trade war with China might be hurting the US economy.
Meanwhile in China…
But Bitcoin Still Emerges As The Winner, Time To Buy BTC
We have already seen how the leading cryptocurrency has been outperforming stocks and other traditional assets. With over 100 percent returns till date in 2019 Bitcoin has become one of the most profitable investments.
Though both the markets are seeing the losses, Wall Street veteran believes the stock market is going to get worse while for Bitcoin, it’s the sky’s the limit.
Mark Rusko, founder of Morgan Creek Capital Management who appeared on CNBC’s Fast Money shares why everyone needs to include Bitcoin in their portfolio. Rusko, who predicted in 2018 that stocks would end the year on a sour note – which it did, is now saying bears are out and stocks are going to finish the year lower by a double-digit percentage.
If Yusko is right this time as well, the economy is headed for a light recession and another “credit crisis” in 2020. What’s more is a decline of 12-14 percent won’t surprise him and while bracing for a “Growth-Pocalypse,” Yusko calls out for Bitcoin as a “great diversifying asset.”
He says BTC has “very low correlation” to stocks, betting on the leading cryptocurrency over S&P 500 as he says,
“I definitely say put your money on Bitcoin.”
Meanwhile, venture capitalist, Tim Draper sees BTC hitting $250,000 in the next 4-5 years. He further adds, “All times are good times to enter the crypto market” as he explains “it’s just a matter of time before the world adopts it.”
- Source: First Appeared Here
- Published Time: 2019-05-23 19:41:45
The views and opinions expressed in the article Bitcoin, Altcoins & Wall Street All Plunges into the Red, But BTC Still your Best Bet do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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