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S&P 500 Breaks Its All-Time High. Will Bitcoin Follow Suit?

News
Mon, 10/28/2019 - 13:50
Alex Dovbnya
The S&P 500 has finally reached its ATH, and Tom Lee believes that now it's time for Bitcoin to conquer new highs
Cover image via www.123rf.com

The S&P 500 has reached a new all-time high after the opening bell, surging to 3,038 on Monday, CNBC reports. That was possible because of strong corporate earnings and the looming end of the tedious US-China trade war.   

As reported by U.Today, the US equities reached a new intraday high on Friday, which coincided with Bitcoin's massive 40 percent pump.

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Bitcoin and Blockchain Interest Explodes in China After Xi Jinping's Comments

Fundstrat's Tom Lee claimed that Bitcoin would only reach a new high if the S&P 500 achieved the same feat, but many argue that there is no correlation between the US stock market and crypto.     

Lee's unpopular theory got validated last week, but we are yet to see whether Bitcoin will move in tandem with US equities now that the widely-tracked stock market index has finally hit an ATH.    

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.

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