Bitcoin
Bitcoin’s Recent Weakness Signals an Impending S&P 500 Correction, According to Stifel
Bitcoin’s recent weakness could be signaling an upcoming correction in stocks, according to Stifel chief equity analyst Barry Bannister. Bitcoin reached its all-time high of $73,797.68 on March 14, before quickly correcting, and has struggled to maintain the $70,000 mark since then, barring a few spikes. On Thursday, the S&P 500 briefly touched 5,500 for the first time after reaching its most recent record close earlier in the week. Historically, the S&P 500 average remains stable for about six months after bitcoin peaks, and previous cycles point to a rally in the benchmark stock index, Bannister said in a note on Wednesday. “The weakening of bitcoin… signals an imminent S&P 500 summer correction and a consolidation phase,” he said. “With the S&P 500 now at the upper bound (2 sigma) of Bitcoin’s post-peak cycle overlaps since 2011, we have yet another strong signal that an imminent S&P 500 correction is possible.” He added that high-beta technology stocks like Nvidia are especially vulnerable in the third quarter. The S&P 500 could fall to 4,750, a drop of about 13% from current levels, by the end of the summer, he told CNBC’s “Closing Bell Overtime” earlier this week. Many see bitcoin as “digital gold,” but Bannister said he sees it as a speculative instrument driven by excess dollar liquidity. As such, it has always been sensitive to the pacifist pivots of the Federal Reserve. In 2020, it became closely correlated with the Nasdaq 100 as the central bank injected billions of dollars in bailout money into the economy during the Covid-19 crisis. Currently, the market is in an asset bubble, now that “corona money” has migrated from consumers to companies. “The elimination of that liquidity has only just begun (and may never be achieved), but since that eviction we have seen politically destabilizing sequential bubbles that have first inflated consumer prices and now asset prices,” Bannister said. However, expectations for a summer correction are not just based on Bitcoin. Stifel said he expects “a case of moderate stagflation” – a combination of high inflation, high unemployment and stagnant demand – to strengthen financial conditions and expose the S&P’s high price-to-earnings ratio. Bannister also said investors may be in a “complete bubble/mania mode that ignores our concerns.” “Timing is everything,” he wrote. “Previous bubbles dating back to the 19th century indicate that the S&P 500 could very well rise to ~6,000 by year-end 2024 and then back and forth to near where 2024 began five quarters later in ~1Q26 (S&P 500 ~ 4,800).”
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
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Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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