– Bitcoin price noted a slight recovery today following days of red candlesticks, bringing the cryptocurrency up by 4%.
– Crypto-affiliated publicly traded companies such as miner Riot Platform, Coinbase, MicroStrategy, etc., observed a jump in their stock prices.
– This is because the correlation between these companies and Bitcoin is positive.
Bitcoin price is known to have a bullish impact on other altcoins when it rises, but the
cryptocurrency is seemingly affecting the stock market too this time.Companies affiliated with digital assets are enjoying gains as Bitcoin bounces, even as the rest of the market remains relatively calm.
Read more –
Total Crypto market cap falls below $1 trillion as whales dump Bitcoin and Ethereum
Bitcoin price rise pushes up stocks
Bitcoin price, at the time of writing, can be seen hovering above $26,200 after increasing by a little more than 4% in the past 24 hours.Tuesday’s green candlestick comes as a relief to investors after the death cross of the previous day.
A flip of the $26,430 resistance into support could be key in establishing a sustained recovery rally for BTC.
BTC/USD 1-day chart
In addition to Bitcoin price, altcoins might also feel a bullish wave of recovery.The impact does not stop there: optimism has also reached the stock market.
Publicly traded companies listed on the Nasdaq 100 and the S&P 500 index affiliated with cryptocurrencies are noting a surge in their value.
These companies include the likes of Bitcoin miners Riot Platform (RIOT) and Marathon Holdings (MARATHON).The former is noting an increase of 5% at the time of writing, rising by nearly 10% during the intra-day trading hours.Additionally, Michael Saylor’s MicroStrategy (MSTR) crypto exchange Coinbase (COIN), among others, is observing increases as well.
Bitcoin and stocks’ correlation
The
stock markets, both Nasdaq 100 and S&P 500 index, share a slight negative correlation with Bitcoin -0.2 and -0.04, respectively.This makes the crypto-affiliated companies’ price rise an interesting deviation from the indices as a whole.
Bitcoin and stock markets’ correlation
However, the likes of RIOT, MARATHON and MSTR remain an exception since their correlation with Bitcoin is closer to 1.
COIN, too, shares a
correlation of 0.39, which, despite being low, is still positive.
Bitcoin correlation with crypto companies
Read more –
Bitcoin adds 265k new users in 24 hours as G20 closes in on crypto regulation standardization
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.You should do your own thorough research before making any investment decisions.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.
It also does not guarantee that this information is of a timely nature.Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.
All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.
The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations.The author makes no representations as to the accuracy, completeness, or suitability of this information.FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Join Telegram
Follow us on Telegram
Stay updated of all the news
Recommended Content
Editors’ Picks
Cardano price plummets despite rise in development activity and transaction volume, why?
ADA price has been on a downtrend since September 2021, with no meaningful attempts to break higher.
This persistent southbound move is accompanied by a steady rise in transaction volume and a steep rise in development activity.
More Cardano News
Alameda Research’s balance history on FTX confirms death blow happened during LUNA collapse, expert says
Alameda Research’s balance history on its sister firm and cryptocurrency exchange, FTX, confirms that the hedge fund’s death blow goes back to May 2022, when the Terra Luna ecosystem imploded.
More Cryptocurrencies News
Arbitrum price crashes by 10% in a day, leaves over 99% of the investors struggling to escape
Arbitrum price faced the brunt of the bears as the cryptocurrency took the most damage.The resultant value of the altcoin has left its investors with severe losses that could take a while to recover.
More Arbitrum News
Shiba Inu downtrend continues, sending 97.4% of SHIB holders underwater
SHIB prices still on with the load-shedding exercise, increasing its steady stream of lower lows since the month started.With this downtrend, more and more SHIB holders continue to submerge, with the broader meme coin community currently enduring selling pressure.
More Shiba Inu News
Bitcoin: BTC could revisit $21,000 as sell signals multiply ahead of US CPI
Bitcoin price slipped into consolidation after the end-of-the-month shenanigans in August.
This rangebound movement seems to persist, as BTC saw a minor uptick to $26,451 in the late US session on Thursday.
Read full analysis.
