A week ago Bitcoin was at $93,714. Saturday it dropped to $85,300.
Late Thursday, market researcher Ed Yardeni blamed some of Thursday's stock market sell-off on "the ongoing plunge in bitcoin's price," reports Fortune:
"There has been a strong correlation between it and the price of TQQQ, an ETF that seeks to achieve daily investment results that correspond to three times (3x) the daily performance of the Nasdaq-100 Index," [Yardeni wrote in a note]. Yardeni blamed bitcoin's slide on the GENIUS Act, which was enacted on July 18, saying that the regulatory framework it established for stablecoins eliminated bitcoin's transactional role in the monetary system. "It's possible that the rout in bitcoin is forcing some investors to sell stocks that they own," he added... Traders who used leverage to make crypto bets would need to liquidate positions in the event of margin calls. ...
[ Read it >> ]
0 Replies