In a series of tweets on March 23, he said that the recent price increase of BTC in the face of the constant chaos of stocks and the vast economy is encouraging.
Seeking the decoupling …
Here’s where we are in the timeline compared to the 2008 banking crisis.
– Willy Woo (@woonomic) March 23, 2020
“Seek detachment …
This is where we are in the timeline compared to the 2008 banking crisis.
The separation of safe havens from stocks suggests it may have already started (i.e. when BTC and Gold have rallied). We will have more confirmations in a week. ”
Bitcoin is “looking to separate” from the traditional market
At the time of writing, Bitcoin traded at around $ 6,540, having increased by nearly 18.85% in the past week.
The United States failed to control corona virus and stimulate the economy while putting new selling pressure on stock markets around the world. Wall Street is not yet open, but US futures stocks stopped trading automatically after a 5% collapse after just three minutes.
This, analyst Alex Krueger noted, the fastest decline in the market for the maximum allowable losses in history.
US stock futures – fastest limit down in history.
Lasted three minutes.
What’s the name of this chart pattern? pic.twitter.com/c5udGq9gee
– Alex Krüger (@krugermacro) March 22, 2020
Bitcoin returns vs U.S. 10-year bond yields. Source: Skew.com
BTC may be available in 2008
For Woo, meanwhile, signs that Bitcoin is recovering from selling investors to cover losses elsewhere suggest that it will redevelop gold's growth after the financial crisis. 2008.
Such behavior will comply with what he describes as a “flight to safety 101”. He continues:
“1) Traders exit the risk leverage positions and sit in USD. Retail investors sell to USD for runways (difficult times ahead). All assets collapsed against the USD.
2) After the ultimate fear, the best asset to prevent the risk of last value appreciation (Gold 2008, Gold & BTC 2020) ”.
Further pain may persist for Bitcoin investors before the full recovery process begins. Last week, Tone Vays, trader and derivative consultant said that he would not be swayed by falling to as low as $ 2,000 before the halving event in May.
According to Cointelegraph
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