Here’s How Stock Market Turbulence Could Crush Bitcoin Short-Term

Bitcoin has been trading in close tandem with equities throughout the past several days Heightened correlation to risk-on assets is a common BTC trait during times of immense global turbulence Although this strikes a blow to its safe-haven narrative, the cryptocurrency still has a long way to go before it fully decouples with the traditional markets This global economic turbulence that is weighing on Bitcoin may only get worse as the year drags on and as the elections approach One economist is observing that Bitcoin’s price may see a prolonged bout of choppy trading, which could ultimately cause it to dive as low as $9,000 before it can stabilize Bitcoin has been moving in tandem with the stock market. Although this correlation may bode well for BTC during times of upwards expansion amongst equities, recent turbulence has caused investors to flee risk-on assets like the benchmark cryptocurrency. Throughout the past…

Read the original article here