The Dow’s 2100 Point Climb Sends Bitcoin Surging; Here’s Why it May Not Last
The U.S. stock market and the cryptocurrency market have both rocketed higher in tandem today, with the Dow Jones posting one of its largest single day gains ever while Bitcoin has been able to climb over 6%. If the equities market sees further downside as the week drags on, it could create a tailwind that also causes Bitcoin to see a similar decline.
The Dow Jones was able to post a significant 11.4% climb today that marked one of the largest single day rallies that it has ever seen, leading it back above 20,000 points following a recent decline to lows within the 18,000 region. If these factors aren’t enough to extend the market’s massive rebound today, Bitcoin could continue struggling to surmount the resistance in the upper-$6,000 region, subsequently leading the entire market lower.