Kategorie: Bitcoin News

• Bitcoin’s correlation with the Nasdaq 100 has fallen to just 3% in June, down from the overall 60% in 2022.
• BTC price has outperformed the stock index year-to-date and over the past year.
• Bitcoin price jumped to a year high last week after news of a spot Bitcoin ETF application by global asset manager BlackRock.

Bitcoin’s correlation with tech stocks has declined sharply over the past few months, more so after the benchmark cryptocurrency’s rally to a new year-to-date price this month.

According to an analysis published by market data research platform Kaiko released today, June 26, BTC has continued to break its correlation with the Nasdaq. 

Kaiko researchers note that in June, Bitcoin’s and the Nasdaq 100 trading trajectory diverged to currently sit at just 3% correlation.

Bitcoin outperformed Nasdaq 100 in June

The falling correlation, according to Kaiko, has been enhanced by the cryptocurrency’s double digit gains in June.

In this, BTC outperformed the tech equities’ 3%. While the Nasdaq 100 has gained about 35% year-to-date, its managed only 22% in the past year. BTC on the other hand is up more than 108% YTD and over 72% over the past year, even with the sell-offs occasioned by the collapse of TerraUSD and FTX in 2022.

It’s a performance that has seen the lockstep trading witnessed in the second half of last year shrink from 60%, the Kaiko analysts pointed out. 

CoinJournal analyst Dan Ashmore also recently looked at the fading correlation between the top crypto asset and stocks, examining the whys. 

BlackRock ETF news major bullish catalyst

On current outlook, Bitcoin has outperformed traditional risk assets even after a negative sentiment permeated the market following the US Securities and Exchange Commission (SEC) regulatory actions against Binance and Coinbase. Earlier, BTC had performed much better as stocks floundered amid the banking sector turmoil.

And just this past week, as equities broke their winning streak on new macroeconomic fears, Bitcoin led the crypto market higher – fueled by news of BlackRock’s ETF filing. BTC currently sits around $30,260, down 1% in the past 24 hours, but still up by over 15% in the past seven days.

CoinShares’ Chief Strategy Officer Meltem Demirors notes that together with BlackRock, companies with a combined $27 trillion in client assets are working to offer customers access to the crypto asset class.

1/ last week’s @BlackRock spot Bitcoin ETF filing was big news!

but, it’s not the only story. many of the largest financial institutions in the US are actively working to provide access to Bitcoin and more.

a quick glance – $27 trillion of client assets here! pic.twitter.com/azmHZmUL2a

— Meltem Demirors (@Melt_Dem) June 26, 2023

But while the Blackrock-inspired ETF frenzy remains a key bullish catalyst, other metrics such as open interest suggest growing inflows and speculation. Bitcoin bulls holding above the psychological $30k level or bouncing from fresh retest below that could form the next leg for BTC price upside action.

As highlighted here, the $34k level is increasingly looking as the next major hurdle for BTC in the short term.

The post Bitcoin’s correlation with Nasdaq 100 falls to 3-year low appeared first on CoinJournal.

• At press time, BCH price had risen by 52% in the last seven days and 28% in the last 24 hours.
• BSV, on the other hand, had gained 77% in the last seven days and 30% in the last 24 hours
• Bitcoin (BTC) has only gained 15% over the last seven days.

Recently, attention has been focused on Bitcoin (BTC) and its hard forks, Bitcoin Cash (BCH) and Bitcoin SV (BSV) that split off from the main chain. In the last seven days, the prices of BSV and BCH have skyrocketed, outperforming even BTC.

Despite the markets showing a consolidated trend after the recent price movements, prices of most cryptocurrencies are still skyrocketing with BCH and BSV being among the top three gainers today falling behind Waves (WAVES) which has shot up by 85% today.

Crypto market breakout after US SEC onslaught

The SEC lawsuits against Binance and Coinbase for allegedly violating US rules and regulations sent the markets into a sharp decline.

However, the drop did not last long. The prices were up again after industry heavyweights like BlackRock, Invesco, and WisdonTree threw their weight behind the industry. The other force behind the current crypto market boom is the emergence of China back into the cryptocurrency space.

China’s stand on cryptocurrencies

The historical relationship between China and cryptocurrencies has been quite complicated, with frequent bans that have always had an effect on the entire crypto market.

China has a history of opposing cryptocurrencies despite the fact that it was once the bedrock of most crypto activities including Bitcoin mining. The People’s Bank of China (PBC) made its initial attempt in 2013 when it forbade financial institutions from dealing in virtual currencies. Afterwards, authorities tightened their regulations of cryptocurrencies in 2017, especially targeting Initial Coin Offerings (ICOs).

Later in 2021, China took the toughest action and outlawed cryptocurrency mining causing a more than 50% decline in the crypto markets.

But recently, China has changed how it views cryptocurrencies. Beijing recently published a whitepaper titled “Web3 Innovation and Development White Paper (2023)” that promoted Web3 technology as a crucial element of the internet’s future development.

If China was to completely lift the crypto ban or ease its stand, the global markets could be deeply impacted, stimulating global demand and boosting prices. However, at the moment, everything is still surrounded by speculations going by what has been happening.

The post Bitcoin hard forks, Bitcoin Cash and Bitcoin SV in the spotlight with double-digit gains appeared first on CoinJournal.

• Kaspa (KAS) price has surged 31% in the last 7 days and 4% in the last 24 hours.
• Kaspa was on June 22 integrated on CoinPal.
• CoinPal is a leading cryptocurrency payment service provider.

While yesterday’s Kaspa integration with CoinPal is not the sole reason why Kaspa (KAS) price is rising, the integration has added impetus to the KAS bullish momentum.

The integration comes at a time when the crypto market is seeing a rebound that has pushed Bitcoin (BTC) price above $30K for the first time in months. It is also ten days since Michael Sutton, Georges Künzli, and Shai Wyborski presented a proposal referred to as KIP-4 that aims at refining the Kaspa protocol by translating its complex mechanisms into a language that everyday enthusiasts can easily grasp.

Kaspa integration with CoinPal

Kaspa is one of the fastest, open-source, decentralized, and fully scalable Layer-1 blockchains in the world. It is the world’s first digital ledger enabling parallel blocks.

Kaspa and Bitcoin share the fundamental principles of decentralization and peer-to-peer technology. Kaspa has, however, introduced upgrades like increased scalability, lower transaction fees, and faster transaction speeds. Therefore, by integrating Kaspa, CoinPal and its users will have access to more than 50 supported cryptocurrencies thus expanding their options.

By incorporating Kaspa into its platform, CoinPal.io has made significant progress toward broadening its scope. By consistently expanding the number of cryptocurrencies it supports and improving its services, CoinPal stays ahead of the curve in the rapidly changing world of digital currencies.

By incorporating Kaspa, CoinPal is advancing e-commerce and establishing itself as a major force in the adoption of cryptocurrencies.

The post Kaspa (KAS) price rising after CoinPal integration appeared first on CoinJournal.