Bitcoin

Bitcoin Balancing at $13,500, Carefree of COVID Revival

In the past 24 hours, bitcoin has traded around $13,500, rising to 2.18%, beating the three central US stock guides together with gold.

CryptoCompare showed that as of now, Bitcoin trades to around $13,500, up to 2.18% against USD in the past 24 hours.

Until now, the world is still held by the pandemic. And in the past few weeks, the daily number of new cases continues to increase in Europe and America.

Because of that, how has Bitcoin performed against USD in the previous one-month period, and how did the S&P 500 and gold perform at the same time? Bitcoin had gone from a low of $10,678 on September 29 to $13,480 on October 29, i.e., it is up 26.42%.

Now, how about gold?

The spot price for gold has gone from $1,896 per ounce to $1,866 per ounce. It merely shows that it has dropped 1.58% versus USD.

Now, the S&P 500 has managed to close at 3,310.1, up to 1.19% on the day, and is now down to 0.74% in the past period.

Now is an exciting day, for the US dollar index is lately at 93.93, up by 0.56% today.

This is usually bad news for Bitcoin since there has been a high degree of negative correlation between the two since March, but not today.

It is bad news for Bitcoin because there has been a substantial negative correlation between them since March, but not just today.

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