3 Reasons Why Bitcoin Stands Firm Against Tech Stock Sell-Off

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A sell-off in the technology stocks this week didn’t spill itself onto the Bitcoin market. That was surprising, particularly because tech equities took up roughly 30 percent of the S&P 500 index. Meanwhile, the US benchmark index constantly proved its erratic but positive correlation with Bitcoin. Both markets moved in sync as investors stepped away from negative-yielding Treasuries and a bearish US dollar. But investors exposed to both the S&P 500 and Bitcoin expressed a different mindset this week. The cryptocurrency managed to remain modestly bullish, standing firm against sell-off attempts. Here are three reasons why it was able to sustain its upside bias. #1 Reallocation For most of 2020, investors rushed into tech stocks, believing that a rise in coronavirus cases would push more businesses and professionals online. Meanwhile, they reduced their exposure in those firms’ equities that require people to stay closer physically, i.e., airlines, hotels, and even…

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