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BTC is not to blame for stock market collapse
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BTC is not to blame for stock market collapse

This time, Bitcoin got lucky! While the first cryptocurrency has been blamed for previous stock market crashes, it is off the hook this time. "Bitcoin is not to blame this time," Bernstein analysts stated after the recent massive financial market crash. The downturn was triggered by fears of a US recession and overall instability.
However, Bitcoin did not escape unscathed. At one point, the price of the leading cryptocurrency dropped below $50,000, while Ethereum slid back to $2,200.
"The initial reaction of bitcoin as a risky asset is not surprising. This is a frequent pattern for the markets of the first cryptocurrency," Bernstein noted.
According to analysts, the launch of Bitcoin ETFs has made it easier to invest in digital gold, leading to current shifts in the cycle of the first cryptocurrency.
Bernstein's currency strategists also highlighted the decent start of spot Ethereum ETFs, which have followed the success of Bitcoin-based products.
Currently, Bitcoin remains under the influence of the so-called "Trump factor" due to the upcoming US presidential election and the Republican candidate's stance.
"Unsurprisingly, as the chances of Trump and Harris on Polymarket narrowed, bitcoin and altcoins traded weakly. We expect markets to be in a limited range before the US election, trading with catalysts such as candidate debates and the final result of the vote," Bernstein summarized.
Specialists also noted that the crypto market's reaction to broader macroeconomic signals could bring surprises. At the same time, the recovery of current levels will serve as a model for digital assets, Bernstein emphasized.
Published 20 August 2024
© InstaFintech Group
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