Bitcoin And Altcoins Seem To Move Independently From Tech Stocks Like Facebook And Google

in #investment • last year

Bitcoin and altcoins seem to move independently of tech stocks like Facebook and Google. They move more when they go down than they go up.

The recent bitcoin crash highlighted this pattern. As bitcoin traded around $20,000, it was in the midst of a massive bull run that saw it surge to $20,000 over the summer (and then drop to $10,000).

It's been another story since then. Bitcoin has dropped almost 50% and it continues to fall rapidly. This may be related to China's crackdown on crypto exchanges and ICOs, which has steered people away from buying cryptocurrencies as an investment vehicle.

That said, bitcoin is still up more than 1,800% year-over-year, so all is not bleak for digital currencies yet.

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