Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

Did This $50,000,000,000 Whale Trigger Massive Bitcoin and Crypto Market Reversal?

by Daily Hodl Staff
September 9, 2020
in Bitcoin
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

Bitcoin, the overall crypto market, and equities in the US are reeling from sharp pullbacks in the past week.

The stock market tumble coincides with news that Japanese multinational conglomerate SoftBank has been placing gigantic and risky option bets on tech stocks, which some analysts argue artificially paved the way to the massive Nasdaq Composite and S&P 500 rallies in August.

Mati Greenspan, the founder of Quantum Economics, says the SoftBank news breaks down a lot of myths that were being created about the stock market last month – and he wonders about the impact it had on crypto.

“So all the narratives about the Federal Reserve, QE, new retail money, stock splits, tech equities being immune to the virus, and pure momentum have fallen by the wayside, and now it’s clear that a record-breaking month of August was largely due to a single player.

With the amount of $4 billion, which was levered up to a notional amount of about $50 billion, it seems to have been enough to carry the wayward index to unbelievable and unrealistic new highs… So, did the Japanese equity whale affect bitcoin and the subordinate altcoin and DeFi markets?”

Greenspan, a former senior market analyst at eToro, examines the potential correlation between Bitcoin and the Nasdaq to see if the news of SoftBank’s bets contributed to Bitcoin’s current slide.

He points to the traditional correlation between the S&P 500 and BTC, which have been tightly connected in past cycles and throughout 2020.

As for whether Softbank had a direct effect on the price of Bitcoin, Greenspan says BTC began its downward trend slightly ahead of the Nasdaq, which could indicate the crypto markets were beginning a downtrend on their own.

Source: Quantum Economics

Greenspan also analyzes Bitcoin’s current trajectory. After several dips below $10,000, he says the lack of volume is concerning.

The analyst believes BTC could potentially carve a bottom at $9,000.

Featured Image: Shutterstock/Samantha Haebich

Submit a Press Release

Crypto Livewire – Press Releases

  • How Traders Are Gaining by Holding Crypto: Staking Tron (TRX) and Cardano (ADA)
    January 21, 2021
  • QuiverX to Integrate Chainlink Proof of Reserve To Power Transparent, Decentralized Crowdfunding
    January 15, 2021
  • The Online Family Office and High Net Worth Blockchain Conference
    December 22, 2020
  • How Blockchain Empowers Wuhan’s Digital Economy Growth – World Blockchain Conference
    December 14, 2020
  • SnapEx Adds LINK, BNB and TRX Alongside Sign-Up Bonus on a Sleek New App
    December 11, 2020
Submit a Guest Post
Bitcoin
$31,838.00
$31,838.00
1.14%
Ethereum
$1,343.39
$1,343.39
8.09%
XRP
$0.273217
$0.273217
0.37%
Litecoin
$137.98
$137.98
0.86%
Bitcoin Cash
$430.95
$430.95
0.52%

Spotlight

  • Billionaire Investor Says Central Banks Will Stop at Nothing To Clamp Down on Bitcoin
    January 17, 2021
  • Crypto Analysts Outline Crucial Levels for Ethereum After Failure To Burst Above All-Time High
    January 21, 2021
  • Prominent Analyst Says Three Crypto Assets Will Follow Polkadot’s Raging Rally and Surpass XRP
    January 18, 2021
  • JP Morgan Offers Three Reasons Investors Should Consider Bitcoin Despite Its Unconventional and Highly Volatile Nature
    January 22, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2020 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.