Market Overview

The Headlines Driving Bitcoin's Volatile Week

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The Headlines Driving Bitcoin's Volatile Week
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Bitcoin investors are no strangers to volatility and market-moving headlines, but the past few days have been particularly eventful for crypto investors. Here’s a recap of some of the major headlines that have been moving bitcoin prices.

Bitcoin New Recap

  • On Friday, Fundstrat Global Advisors analyst Tom Lee said bitcoin prices have started to correlate positively with emerging markets. Lee said the selling pressure in both cryptocurrencies and emerging market stocks could reverse in the second half of the year, especially if the U.S. dollar weakens and the Federal Reserve slows down its tightening. “Bitcoin could end the year explosively higher,” Lee said.
  • On Saturday, News BTC reported cryptocurrency trader Jacob Canfield claims CNBC tweets about bitcoin prices are 95 percent negatively correlated to bitcoin prices. According to Canfield, “every single bullish tweet” from CNBC related to bitcoin has been at or near the top of a bullish cycle.
  • On Monday morning, CNBC reported that Jordan Belfort, the infamous penny stock scammer who was portrayed by Leonardo DiCaprio in the movie “Wolf of Wall Street,” says bitcoin is extremely similar to the types of scams he used to run before he served time in jail for defrauding investors. “I was a scammer. I had it down to science, and it's exactly what's happening with bitcoin,” Belfort said.
  • On Monday afternoon, Litecoin founder Charlie Lee discussed bitcoin’s 2018 crash in an interview with CNBC. “I think it’s good to buy on the way down, to dollar-cost average your buy-in,” Lee said. “That’s what I would recommend for everybody to do.”
  • On Tuesday morning, bitcoin regained the $7,000 level after Morgan Creek Capital Management announced a new digital asset index fund. The fund is a market cap-weighted basket of the top 10 largest cryptocurrencies, excluding Ripple and Stellar.
  • Also Tuesday morning, Coinbase reported that a new nationwide survey found 18 percent of college students currently own cryptocurrencies and 21 of U.S. News & World Report’s top 50 U.S. universities now offer classes on blockchain technology and/or cryptocurrency. The survey found that 9 percent of current university students have taken a cryptocurrency course, but 26 percent of students want to take one in the future.

Price Action

At time of publication, bitcoin was trading around $7,028.86, according to CoinMarketCap.

Since the Aug. 23 close, the Bitcoin Investment Trust (OTC: GBTC) has been on a tear, gaining 9.9 percent. The trust still has a long way to go to make up its 2018 losses. The GBTC trust is down 56.2 percent year-to-date.

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