Bitcoin’s slide continued Monday, building on last week’s losses, and the cryptocurrency’s sell-off could spell bad news for stocks. That’s because there’s a correlation between the two, according to MKM Partners. Essentially, the firm said that action in the cryptocurrency market can be a pulse check for how investors view the overall health of the economy. The firm said that bitcoin has been a “great gauge of investors’ risk threshold for equities.” “Bitcoin is at risk of falling below crucial support. Plenty of longs who bought in last year are still trapped, and thus we could easily see a pullback to $19,500. That would be a bearish read through for stocks,” analysts led by JC O’Hara wrote in a note to clients. The world’s largest cryptocurrency dropped 15% on Monday, hitting the lowest level since December 2020, according to data from CoinDesk. The cryptocurrency stood at $23,446 at 1:45 p.m. on Wall Street. The drop follows a steep sell-off over the weekend, which saw $200...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...