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
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