In the latest Bitcoin news, we are showing a comparison of Bitcoin and its performance against the relative performance by the S&P 500 index this month. As soon as Bitcoin underwent a bullish correction (after falling by more than 85% from its all-time high), the dominant cryptocurrency began surging.
In comparison with this, the S&P 500 index was already undergoing a downside correction after establishing a 52-week high at 2,940.91. However, in December, the index lost a lot – in fact almost 20% from the recent peak.
The sister indices of S&P 500, Dow Jones and Nasdaq, both plunged significantly within the same timeframe and together recorded the worst monthly crash since October 2008 which was when the financial crisis first occurred.
Bitcoin and S&P 500 have different fundamentals at this point. They are understandably different from each other – BTC is a standalone asset traded in retail and OTC markets while S&P is a market capitalization index of the biggest public-traded corporations in the US by market value. Therefore, each market was responding to its specific catalysts and there is no definite correlation with one another.
However, what everyone can agree upon is that Bitcoin is not the only loser this December and that even indices can fall to as low as 20%, continuing the bearish indicators as the year comes to an end.
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Bitcoin Could Soon Fall To $2,400 And Wall Street Could Buy The Dip
"We believe this thesis still remains intact which could mean seeing a break of the lows in the coming weeks. A 25% selloff in BTC from the current lows of $3,200 would be to roughly $2,400."He also shared that the next sell-off could be just what the crypto market needs in order to finally break the backs of the bears and reach a new bull momentum in 2019.
Bitcoin ATM Operator Coinme To Start Selling BTC At Coinstar Counting Machines
“Bitcoin is now accessible at your local grocery store via Coinstar kiosks, and this offering will make it even easier for consumers to participate in this dynamic new economy.”Coinstar, on the other hand, offers coin-to-cash conversion in their kiosks in multiple countries around the world but it still remains unknown whether the Bitcoin feature will expand just as quickly as it did in the US. Coinstar’s CEO Jim Gaherty noted: Coinstar offers coin-to-cash conversion kiosks in various countries throughout the world. It remains unknown whether the Bitcoin feature will expand beyond the U.S., while the company did not provide figures on how many machines will offer it.
“Coinstar is always looking for new ways to offer value to our consumers when they visit our kiosks.’’According to CoinATMRadar industry monitoring resource, there are more than 4187 Bitcoin ATMs worldwide and more than 60 percent or 2516 are in the United States. The market has grown plenty over the years and many operators are trying to get control of what they think to become a fairly popular trend for crypto usage.
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- Binance Plans To Expand To Eight New Countries But Declines To Confirm Six Of Them
- Deloitte Features Blockchain In Its Annual Tech Trends Report
- Crypto Payments Platform CoinGate Begins Its Lighting Network Trial With Litecoin (LTC)
- The $400bn Tencent And Its Plans To Acquire Two Major Bitcoin Exchanges
- Bitcoin Could Soon Fall To $2,400 And Wall Street Could Buy The Dip
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