“As of recent weeks, bitcoin has surfaced more like a risk asset – correlations against U.S. equities spike above 0.6 the past few days alongside the sell-off in technology stocks last Friday,” Lennard Neo, head of research at Stack Funds, a crypto investment firm, wrote in a report on Thursday. “However, crypto assets did not see the same rebound that U.S. equities had earlier … [Read more...] about Bitcoin Dips as China’s Evergrande Defaults; Altcoin Outperformance Could Fade
Evergrande
Bitcoin dips below $50K as Evergrande defaults on US dollar debt
Bitcoin (BTC) kept $50,000 as a focus on Dec. 9 as consolidation on BTC/USD continued to avoid last week's lows.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin "appears on track"Data from Cointelegraph Markets Pro and TradingView showed the pair acting within a small range around the $50,000 mark overnight, this yet to become firm support."A crucial area to … [Read more...] about Bitcoin dips below $50K as Evergrande defaults on US dollar debt