A Connection Between Crypto-Currency Fall and Dow Jones Fall?
06. February 2018 11:17 GMT – Is there a connection between the crypto-currency market losses and the losses on the US stock exchanges on Monday? While there are specific reasons for the crypto-currenty losses, there does not seem to be a solid reason for the losses on the American exchanges. The Dow Jones lost more than 6% but recovered to close on Friday at 4.6% down and international markets followed. There is no particular reason for the loss that has been accepted in general.
- Our theory, as presented in our report Stable At About $9’250 For 18 Hours is that there could be a general distrust amongst banking, government, conventional business and crypto-business that is responsible for the Dow-Jomes fall.
- It could also be that the 60%+ fall in crypto-currenrcies has depleted the amount of liquid funds available to conventional businesses and banks.
In either case, the result has not been good for crypto-currencies in general and Bitcoin in particular.
Since our last report, there has been substantial selling in the crypto-currencies, but also some resistance in terms of buying. The Bitcoin price has lost about $600 since our previous report but this has been a continuation of the rollercoaster prices that we have seem previously. The 24-hour top-ten CC movements have been between -17% (Bitcoin and Cardano) and -26% (NEO). Bitcoin futures dropped about 7.5%. The Euro gained about 0.25% to about 1.2400 against the USD.