Market Wrap: Bitcoin Drops, Then Pops as Traders See Weaker Markets Coming
Bitcoin (orange), gold (yellow) and the SP 500 (blue) in 2020Source: TradingView That bitcoin’s performance is matching stocks of late concerns George Clayton of Cryptanalysis Capital. Active addresses on Ethereum network in 2020Source: Glassnode The biggest cryptocurrency losers on the day include decred (DCR) in the red 4.4%, qtum (QTUM) dipping 3.4% and bitcoin SV (BSV) down 3.2%.
In commodities, oil gained 1.5%, with a barrel of crude priced at $37 at press on oil since June 11Source: TradingView Gold is trading flat, with the yellow metal slipping by less than a percent, trading at around $1,726 for the day. Since the start of 2020 the tech stock Amazon.com, which is in the top five of the SP 500, has actually outgained bitcoin, up 39% versus the world’s oldest currency’s 31% appreciation.