Market Wrap: A Bitcoin Lull as Stocks Signal Economic Optimism
Bitcoin trading on Coinbase since June 1Source: TradingView
After an exciting start to a week where bitcoin surged quickly then dropped, traders certainly have strong opinions on recent market activity
Rupert Douglas, head of institutional sales at brokerage Koine, believes that the movement’s intention was to wipe out some traders in the derivatives market. The FTSE Eurotop 100 index of the largest stocks by market capitalization ended trading in the green 2.6% as the Eurozone eases lockdowns.
Bitcoin versus global indices since 5/1/2020Source: CoinDesk Research
A quiet day for bitcoin might just be the platform for another price breakout, said Henrik Kugelberg, an over-the-counter cryptocurrency trader based in Sweden. Ether trading on Coinbase since June 1Source: TradingView
Cryptocurrency winners on the day include cardano (ADA) in the green 8%, nem (XEM) climbing 6.7% and iota (IOTA) up 6%.