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Bitcoin set to benefit from stock market confidence

While the largest cryptocurrency has proven to have a low correlation with traditional markets, a rise in the stock market could increase investor confidence overall, which could also be a boost for Bitcoin.

Fundstrat's Tom Lee tweeted that he expects the S&P 500 to break out to the upside, suggesting that U.S. stocks are heading to another record high.

We expect the S&P 500 to break out soon, which would allow Bitcoin to do the same. While many expected a recession, the U.S. has been staunchly resisting.

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Fed ready for quantitative easing

Yesterday, Federal Reserve Chairman Jay Powell announced that the central bank would resume buying short-term Treasury bills. However, he insisted that we should not call it quantitative easing because, given the difference in scope, the measure "does nothing" resemble post-2008 crisis policy.

Still, most analysts see the action as quantitative easing, the Fed's asset purchases to ensure banks have enough cash to prevent market turmoil.

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Bitcoin is now undervalued

Bitcoin is currently the least valuable asset despite being by far the best performing asset so far. At least that's the view of Travis Kling, chief investment officer at IkigaiAsset Management. He believes that with traditional markets at all-time highs due to central bank quantitative easing measures, it’s time for Bitcoin to show its teeth.

The original text comes from bitcoinist, compiled by the BluemountainLabs team, the English copyright belongs to the original author, please contact the editor for Chinese reprint.

The original text comes from bitcoinist, compiled by the BluemountainLabs team, the English copyright belongs to the original author, please contact the editor for Chinese reprint.