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Nasdaq Surges Above 10,000 for the First Time, Leaving Four-Digit Bitcoin in the Dust

Tue, 06/09/2020 - 19:10
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Alex Dovbnya
Bitcoin remains in the four-digit territory while the Nasdaq Composite hits 10,000
Nasdaq Surges Above 10,000 for the First Time, Leaving Four-Digit Bitcoin in the Dust
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The Nasdaq Composite, one of the most closely-watched U.S. stock market indexes, recently surpassed the psychologically important milestone of 10,000 points for the first time in history, CNBC reports

image by @CNBCnow

Meanwhile, Bitcoin’s continues the streak of its choppy price moves as its struggles to cross the $10,000 level, currently trading at $9,707.

Bitcoin Price Forming New Selling Pattern, Bloomberg's Indicator Shows

Stocks remain disconnected from the reality

It took almost 50 years for the index, which debuted in 1971 with a starting value of just 100 points, to enter the five-digit territory.

The timing of Nasdaq breaching 10,000 couldn’t be more confusing, which is why critics continue parroting about how the U.S. equities market is completely divorced from reality.

Bitcoin proponent Anthony Pomaplito acrimoniously remarket on Twitter that it had taken a pandemic, an economic crisis, and civil unrest in the U.S. for Nasdaq to finally reach five digits.

image by @APompliano

The S&P500, the benchmark U.S. index, turned green for the year on June 8 after erasing all of its March losses.

Bitcoin Price Could Plunge to $6,000 After Correction: Kraken Intelligence

A four-digit Bitcoin might not last long   

Bitcoin has already breached $10,000 on numerous occasions, but every attempt to solidify above this level has so far failed in 2020.    

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That said, Bitcoin’s anemic price action means that it’s preparing for another major move. As reported by U.Today, a significant portion of idle coins recently started changing addresses, which usually precedes market turnarounds.

In the meantime, Glassnode data shows that BTC miners have been steadily increasing their position over the last nine months by close to 25,000 BTC. 

image by @glassnode

The most likely reason is that they expect the price to significantly appreciate after the 50 percent supply cut in May.

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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