{"id":162214,"date":"2023-09-25T12:41:08","date_gmt":"2023-09-25T07:11:08","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=162214"},"modified":"2023-09-25T12:41:08","modified_gmt":"2023-09-25T07:11:08","slug":"bitcoin-flashing-relative-strength-against-stock-market-despite-deteriorating-macro-conditions-analytics-firm-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-flashing-relative-strength-against-stock-market-despite-deteriorating-macro-conditions-analytics-firm-crypto-news\/","title":{"rendered":"Bitcoin Flashing Relative Strength Against Stock Market Despite Deteriorating Macro Conditions: Analytics Firm &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>New data from IntoTheBlock reveals that Bitcoin (<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dailyhodl.com\/currencies\/bitcoin\/\">BTC<\/a>) is showing relative strength against the stock market amid declining macroeconomic conditions.<\/p>\n<p>In a new article, Lucas Outumuro, the analytics firm\u2019s head of research, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/medium.com\/intotheblock\/bitcoin-holds-steady-despite-macro-deterioration-ff5f86a8ab8b\">says<\/a> that the crypto king\u2019s price action last week has been \u201cremarkable\u201d while the stock market tumbled.<\/p>\n<p><em>\u201cAs expected, the Federal Reserve did not raise interest rates this week. However, through their dot plot they did project one more hike this year and only two cuts into late 2024, showing their commitment to the higher for longer mantra. <\/em><\/p>\n<p><em>This sent 10-year yields to their highest since 2007, putting pressure on markets. The Nasdaq and the S&amp;P 500 are down 3.3% and 2.7%, respectively, so far this week. Yet Bitcoin has shown relative strength, managing to hold at the same price of $26,600 as last week and outperforming throughout the past 30 days.\u201d<\/em><\/p>\n<p>Outumuro goes on to explain why the top crypto asset by market cap\u2019s price has remained steady despite tough macro conditions. According to the analyst, there are three factors contributing to Bitcoin\u2019s relatively stable price.<\/p>\n<p><em>\u201cSome key points that may explain Bitcoin\u2019s steady price: <\/em><\/p>\n<ul style=\"list-style-type: disc\">\n<li><em>Bitcoin\u2019s correlation to the dollar has hit a value of zero, putting it in a strong position despite the DXY\u2019s (US dollar index\u2019s) rally.<\/em><\/li>\n<li><em> The Bitcoin ETF (exchange-traded fund) passing continues to be a positive catalyst on the horizon, making holders hesitant to sell in advance. <\/em><\/li>\n<li><em>Mt Gox\u2019s repayment, where they plan to send 850,000 BTC ($23 billion) to users affected by their hack, was delayed by a year, easing the selling pressure that was anticipated if they had begun redistributions next month as previously planned.\u201d<\/em><\/li>\n<\/ul>\n<p>The analyst also highlights that Hodlers, or entities that have kept their BTC dormant for over a year, now own a near record-high of 13.44 million BTC, representing about 69% of the available supply.<\/p>\n<p><em>\u201cOverall, this trend appears to signal a bullish cycle for Bitcoin may be approaching. Though it\u2019s unclear how long Bitcoin\u2019s outperformance will last in a worsening macro environment, on-chain data shows that its long-term investors continue to accumulate regardless.\u201d<\/em><\/p>\n<p>Bitcoin is trading for $26,109 at time of writing.<\/p>\n<p><em><span style=\"font-size: 13pt\">Don&#8217;t Miss a Beat \u2013 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dailyhodl.com\/join-the-daily-hodl-email-list\/\">Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em><br \/>\n<br \/>\n<em><span style=\"font-size: 13pt\">Check <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dailyhodl.com\/crypto-markets\/\">Price Action<\/a><\/span><\/em><br \/>\n<br \/>\n<em><span style=\"font-size: 13pt\">Follow us on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TheDailyHodl\">Twitter<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.facebook.com\/thedailyhodl\/\">Facebook<\/a> and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.me\/thedailyhodl\">Telegram<\/a><\/span><\/em><br \/>\n<br \/>\n<em><span style=\"font-size: 13pt\">Surf <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dailyhodl.com\/daily-hodl-mix\">The Daily Hodl Mix<\/a><\/span><\/em><br \/>\n<\/p>\n<div class=\"hideinamp\">\n<p><a rel=\"nofollow noopener\" target=\"_blank\" class=\"maxbutton-4 maxbutton maxbutton-check-out-the-latest-headlines-bigger\" href=\"https:\/\/dailyhodl.com\/news\/\"><span class=\"mb-text\">Check Latest News Headlines<\/span><\/a><\/p>\n<p>&amp;nbsp<\/p>\n<h6>Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n<p><em><span style=\"font-size: 10pt\">Featured Image: Shutterstock\/Tithi Luadthong<\/span><\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>New data from IntoTheBlock reveals that Bitcoin (BTC) is showing relative strength against the stock market amid declining macroeconomic conditions. In a new article, Lucas Outumuro, the analytics firm\u2019s head of research, says that the crypto king\u2019s price action last week has been \u201cremarkable\u201d while the stock market tumbled. \u201cAs expected, the Federal Reserve did [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":104007,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-162214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/162214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=162214"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/162214\/revisions"}],"predecessor-version":[{"id":162216,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/162214\/revisions\/162216"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/104007"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=162214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=162214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=162214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}