Bitcoin Price Suddenly Surges to $8,500 While S&P 500 Reaches New Record High

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Fri, 10/25/2019 - 15:52
Alex Dovbnya
Bitcoin registers a massive green candle after the US equities reached a new high
Cover image via www.123rf.com

The S&P 500 rose by 0.5 percent on Oct. 25, which was enough to set a new all-time high. This recent uptick was triggered by trade talks between the US and China and recently announced corporate earnings.

The broad index has surpassed its record close of 3,025, which was set back in January. 

Meanwhile, the Bitcoin price has suddenly surged to $8,500. The top coin is currency up by more than 10 percent, according to CoinStats data. After a massive pump, the coin consolidated in the $8,400 region where it is changing hands at the time of writing. 

image by coinstats.com

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Notably, this enormous green candle came right after BTC printed its first death cross since March 2018. Bloomberg predicted that Bitcoin could be eyeing more pain after this bearish signal, thus repeating the 2018 scenario. 

However, as reported by U.Today, this is a lagging indicator, which could mark the end of the massive correction. Now, it turns out that it indeed turned out to be a massive bear trap.

Meanwhile, Fundstrat's co-founder Tom Lee says that the recent price pump confirms his controversial theory that Bitcoin is correlated with the US equities market. 

 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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