The Dow and the S&P 500, the benchmark U.S. stock market indexes, have recently erased nearly four years of gains after Trump’s election, CNBC reports.
Stocks are still under pressure
After the stock futures rallied on the news about the U.S. Federal Reserve unleashing unlimited quantitative easing, all major indexes ended up opening lower. Despite parring some of its losses due to the looming bipartisan agreement on the coronavirus stimulus package, U.S. stocks are still refusing to flash green with the Dow currently being down 0.84 percent.
Notably, Bitcoin (BTC), the top cryptocurrency by market cap, continues to trade virtually in lockstep with the equities. At press time, it is sitting at $6,351 after surging to the $6,600 level earlier today.
Bitcoin leaves stocks in the dust
The Dow plunged to an intraday low of 18,213 basis points, which means that it was trading below its Election Day close of 18,332 that marked the start of the tumultuous Trump era.
In sharp contrast to that, those investors who bought Bitcoin on Nov. 8 at roughly $700 are sitting on enormous gains. Popular crypto analyst Chris Jaszczynski has estimated that BTC is up 676 percent since Trump’s historic victory.
Another Bitcoin year?
Trump’s first year in office coincided with Bitcoin’s massive bull run that made the whole world talk about the cryptocurrency that started it all. However, as reported by U.Today, Mike Novogratz, the CEO of Galaxy Digital, is convinced that 2020 could also be the year of Bitcoin.
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