According to CNBC's Fast Money, Bitcoin has been underperforming the S&P 500 since the beginning of June, losing just under 4 percent of its value against the USD. CNBC's observation turned out to be a significant turning point for BTC, which jumped almost 5 percent after the tweet was posted.
Following a whole month of being stuck in a very tight trading range, Bitcoin has managed to break through the $8,000 mark on June 10th. And while it failed to hold that price point for longer than a few minutes, the brief venture proved to be more important than one might think.
Bitcoin started the day low, going for just over $7,500 in the early trading hours, but jumped from $7,672 to $8,012 in just one hour.
Bitcoin's 4 percent dip bears a bit more weight than the usual dip, as it can easily be traced to a single tweet.
Fast Money, a CNBC market analysis show, had posted a graph comparing Bitcoin's performance in the first two weeks of June to that of the S&P 500.
According to data from Coinbase, it was down 3.73 percent on June 10th.Bitcoin is underperforming the S&P 500 this monthwow pic.
The S&P 500 Index, on the other hand, was up 3.51 percent during that time.
Anthony Pompliano, the co-founder of Morgan Creek Digital, commented that Bitcoin has jumped almost 5 percent following the tweet.
The CNBC twitter intern has to have HEAVY Bitcoin bags .
Jason Hunter, a JP Morgan strategist, told CNBC that the S&P 500's June rally could be short-lived.
CNBC reports Bitcoin underperforming the S&P 500 this month, but BTC up 111% this quarter
Published on Jun 13, 2019
by Cryptoslate | Published on Coinage
Mentioned in this article
Libra Confident, France Angry, Domino's BTC Prize: Hodler's Digest, Sept. 9-15
The head of the not-for-profit driving Facebook's Libra digital currency has said he is confident that seemingly endless regulatory difficulties can be ironed out - paving the way for the token to launch in the second half of 2020.
XRP Fork Unlikely to Succeed, Ripple Continues to Face Angry Investors
There are other angered XRP investors out there, and they are taking Ripple to court.
Crypto News From Brazil: Sept. 9-15 in Review
Brazil has seen another tumultuous week in the cryptocurrency industry.
Germany's Largest Bank Joins JPMorgan's Blockchain Network
Germany's largest bank, Deutsche Bank, has joined JPMorgan's blockchain-based network, the Interbank Information Network.