Bitcoin Bounce Stalls at $9K Amid 2% Rise in S&P 500 Futures – CoinDesk

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Meanwhile, the futures tied to the S&P 500, Wall Street’s equity index, are reporting over 2% gains Tuesday. Major European equity indexes are flashing green, too, with the U.K.’s FTSE index leading the way with a 1.33% gain, as per Investing.com.

Bitcoin closely tracked action in the equity markets in March and April before decoupling in the two weeks leading up to the reward halving event on May 11. With halving behind us, the cryptocurrency may again start taking cues from equities. 

“The steep upwards trend was broken this weekend, and the BTC price crossed the line which has acted as support several times over the past month. If the downwards price action continues, the lower $8,000 area is an important support zone for the price and should see a lot of buyers coming in,” said a weekly update produced by the cryptocurrency exchange Luno and Arcane Research. 

“Record-high long-term holders not only shows the growth of bitcoin’s store-of-value use case, but it also demonstrates the fierce conviction of investors who held tight during the 50% market drop, believing it to be a reliable long-term haven against increasingly unpredictable public markets,” said Jehan Chu, co-founder, and managing partner at Hong Kong-based blockchain investment and trading firm Kenetic Capital.

There’s a general consensus in the investor community that bitcoin is a hedge against the fiscal and monetary imprudence practiced by governments and central banks over the years, and more so, recently in the efforts to combat the coronavirus-led slowdown in the global economy. 

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