{"id":426495,"date":"2020-06-07T20:00:40","date_gmt":"2020-06-07T20:00:40","guid":{"rendered":"https:\/\/wncen.com\/?p=426495"},"modified":"2024-06-11T09:05:54","modified_gmt":"2024-06-11T09:05:54","slug":"nasdaq-setting-new-all-time-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/nasdaq-setting-new-all-time-bitcoin\/","title":{"rendered":"Why Nasdaq Setting A New All Time Could Be The Boost Bitcoin Needs"},"content":{"rendered":"
Bitcoin price<\/a> continues to fail to breach above $10,000 and hold. The last time the cryptocurrency held for consecutive daily closes above the key level, was in February 2020 before the Black Thursday collapse.<\/p>\n During that time, the Nasdaq composite and other major stock indices set a record for a new all-time high. This past week, the Nasdaq set another new record, and it could be a sign that Bitcoin will finally break above $10,000, hold, and finally set a new higher high.<\/p>\n Last week, despite widespread riots and protests across the United States<\/a>, major US stock indices like the Dow Jones Industrial Average, the S&P 500, and the Nasdaq composite each saw massive rallies.<\/p>\n Although the Dow and S&P 500 pushed higher toward highs set in February, each index failed to set a new record.\u00a0 \u00a0<\/span><\/p>\n Meanwhile, the Nasdaq composite index and the NASDAQ 100 (NDX) both achieved a higher high and new all-time price record<\/a>.<\/p>\n Investors are speculating as to if the continued growth in the face of economic disaster and record unemployment is due to stimulus efforts, a continued short squeeze, or if markets are just completely irrational.<\/p>\n It\u2019s as if the Black Thursday panic selloff and pandemic never even happened, according to the stock market.<\/p>\n Related Reading | Bitcoin\u2019s Minute-By-Minute Correlation With Stock Market May Signal Disaster\u00a0<\/a><\/strong><\/em><\/p>\n Bitcoin price<\/a> also has seen a strong, V-shaped recovery from the extreme lows set in mid-March.<\/p>\n Just as Black Thursday decimated the stock market and precious metals, Bitcoin and the rest of the crypto asset class dropped by 50% or more. Some altcoins even flash crashed to nearly zero.<\/p>\n The drop kicked off the cryptocurrency\u2019s closest correlation with the stock market, and after that, Bitcoin has remained relatively correlated since<\/a>.<\/p>\n Most comparisons have been with the S&P 500, however, the cryptocurrency has demonstrated a recent correlation with tech stocks – which the NDX is filled with – all the way down to the way each daily candle has closed<\/a>.<\/p>\n <\/p>\n BTCUSD, however, is lagging just behind these tech stocks which could indicate that the leading crypto asset by market cap will also set a higher high soon, just as the Nasdaq and NDX have.<\/p>\n This doesn\u2019t necessarily mean that Bitcoin will set a new all-time high as the Nasdaq did, but it could indicate a new higher high is next.<\/p>\n Related Reading | Strong Correlation Between Bitcoin and Stock Market May Finally Be Over\u00a0<\/a><\/strong><\/em><\/p>\nBlack Thursday Erased: Nasdaq Composite, NDX, Set New All-Time High<\/h2>\n
Surging Stock Market Could Be The Boost Bitcoin Needs For A Breakout<\/h2>\n