Bitcoin Escapes Stock Market Sell-Off on Booming Safe-Haven Appeal

ZMUpn5ag 980x580

An overnight attempt to crash Bitcoin alongside the US stock market met with extreme resistance as the cryptocurrency bounced back handsomely. The BTC/USD exchange rate lost $465, or 3.51 percent, after the New York opening bell Monday. The pair fell to as low as $12,785, only to find a considerably higher buying sentiment. As a result, BTC/USD rebounded almost instantly after touching the said local bottom, climbing back above $13,000 to reclaim the level as support. Interestingly, the brief downside attempt in the Bitcoin market appeared almost in sync with a similar sell-off across the US stock market. The Dow Jones Industrial Average plunged 650 points, or 2.3 percent, logging its worst one-day decline since September 3, led by a drop in leisure and travel stocks. Bitcoin correlation with the Wall Street indexes and the US Dollar Index. Source: DXY on Meanwhile, the benchmark S&P 500 and the tech-savvy…

Read the original article here