Bitcoin News

Dow Suffers the worst week in a decade, Bitcoin Recovers

Recent equity market analysis highlights the sorry state of affairs for regular equity traders. It portrays the Dow Jones Industrial Average hitting bottom ever since the disastrous global finance of 2008. Statistics show that the Dow slipped 1655 points which is nearly about 7% in its most unpleasant weekly downfall in the past ten years. To add on to this, there is no sign of recovery in the near future.

A report from CNBC maintained that the sharp increase in the Federal Reserve’s rate on Wednesday and alarming extended government shutdown on Friday were instrumental for the ongoing financial crisis.

S&P 500 and Nasdaq Composite closely followed the Dow with a fall of 2.1% and 2.9% respectively, bringing them down to 2416.58 and 6332.99. Technology stocks with the likes of Apple, Amazon, and Facebook have taken a major hit too. In addition to a downfall of about 9% by Dow and S&P 500, it seems likely that both of these are in for a worst December show ever since the Great Depression of 1931.

President of Sri-Kumar Global Strategies stated that recession was around the corner. According to him, the Fed had completely misinterpreted the market as it considered two more rate increments in the upcoming year.

The bullish equity market ended its run after nearly eight years as the Dow feels that recession is looming large. Bitcoin has also after a disastrous year, seen a crest fall from $19500 and failed to recover as uncertainty took charge. As of now, it is difficult to confirm and predict as to when this ongoing scenario will come to a halt.

At present, BTS/USD is maintaining itself at around $4000 after a slight recovery though it had seen low days of $3000. Various analysts predict that a squeeze of small contracts was responsible for the current market scene as oversold cryptocurrencies as well as Bitcoin saw a slight upward push.

Many are of the opinion that the ultimate method for bitcoin to again capture its long-lost high position, would be through the entrance of new investors in this digital market, whereas Bitpay CEO believes that a user-driven approach towards Bitcoin could also help in attaining the same position.

As things are unpredictable and different opinions are formed for the future of Bitcoin, there are still few who see a lot of promise for short-term in this asset. Fundstrat co-founder who once believed that the Bitcoin would touch $15000, but has since stopped forecasting Bitcoin prices, is one among those who still see a bright Bitcoin future.

Barbara Jeter
Barbara Jeter is a full-time reporter at CryptoWhile. She is a graduate with economics and social communication. She has written number of articles on financial markets before getting into crypto world. Her work has been published in some local publications. From past two years, she is writing on cryptos and blockchain technology.

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