This morning, Bitcoin (BTC) rose almost 10% in less than an hour. After the Bitcoin price jump, investors began dumping money into the other digital assets, causing the market to widely shift green.
Bitcoin Price Movement
Last week, Bitcoin had its first major sell-off in months, but this morning it rose nearly $600 in less than an hour. Late last week, it looked as if Bitcoin was going to drop just below the $6,000 mark, but it’s now comfortably trading over $6,500.
According to CoinMarketCap, Bitcoin (BTC) is trading at $6,655.71 a coin, up 5.48%, in 24 hours. In seven days, BTC is up 0.264%, and for the month, the world’s first digital currency is up 1.7%.
Late in the day last Wednesday, the crypto market began to tank. It was the first major Bitcoin price sell-off to occur in months.
There were many speculations as to why the drop occurred.
Crypto getting spanked this morning in Asia. Hearing that Japanese day traders are leading the move lower, selling crypto to pay for unexpectedly big margin calls in stocks. Question is will Bitcoin @ $6,000 hold? pic.twitter.com/L3bQDZTZFr
— Yuji Nakamura (@ynakamura56) October 11, 2018
However, coincidentally, the Dow dropped to its lowest in months around the same time. Last Thursday and Friday, Wall Street hit its worst figures in eight months but rallied back to end the week in the green.
Is there a direct correlation between the stock market and the crypto market when it comes to investor confidence? Possibly.
Bitcoin is wildly surging (usually forecasting a rally in Nasdaq)
— Russian Market (@russian_market) October 15, 2018
Some were speculating before the market opened that the Bitcoin price surge indicated a potential “rally” on Wall Street. However, this morning the Dow, Nasdaq, and S&P Index’s are all in the red to start out Monday—proving that theory wrong.
Crypto Market Movement
At press time, XRP is currently trading at $0.447 a coin, up 6.62%, and Ethereum (ETH) is moving at $210.04 a coin, up 4.92% in 24 hours.
Among the top 100 cryptocurrencies, Aurora (AOA) is seeing the most gains today trading at $0.0260 a coin, up 23.93% in 24 hours. Nebulas (NAS) is currently seeing the most losses, trading at $1.78 a coin, down -6.28%.
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