Warning: session_start(): open(/tmp/sess_73a1b52f284dddd2a6d5950d57fded79, O_RDWR) failed: Disk quota exceeded (122) in /home/customer/www/thefuturecoin.com/public_html/wp-content/plugins/jnews-social-login/class.jnews-social-login.php on line 83

Warning: session_start(): Failed to read session data: files (path: /tmp) in /home/customer/www/thefuturecoin.com/public_html/wp-content/plugins/jnews-social-login/class.jnews-social-login.php on line 83

Warning: Cannot modify header information - headers already sent by (output started at /home/customer/www/thefuturecoin.com/public_html/wp-content/plugins/jnews-social-login/class.jnews-social-login.php:83) in /home/customer/www/thefuturecoin.com/public_html/wp-content/plugins/jnews-weather/class.jnews-weather.php on line 70
Bitcoin, Stocks at Risk as Dr. Fauci Predicts 100K Daily New COVID Cases - The Future Coin
The Future Coin

Bitcoin

$48,363.68

BTC 10.56%

Ethereum

$1,517.08

ETH 12.23%

XRP

$0.43

XRP 6.97%

Litecoin

$170.71

LTC 7.35%

EOS

$3.61

EOS 6.96%

  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases
No Result
View All Result
The Future Coin
No Result
View All Result
Home Bitcoin News

Bitcoin, Stocks at Risk as Dr. Fauci Predicts 100K Daily New COVID Cases

by The Future Coin
July 2, 2020
in Bitcoin News
0
Bitcoin, Stocks at Risk as Dr. Fauci Predicts 100K Daily New COVID Cases
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases and a key member of the White House coronavirus taskforce, says the number of daily infections in the U.S. could reach 100,000 per day if immediate precautions are not taken to prevent the spread of the virus. 

As Fauci issued this warning, stocks reacted with caution and investors are anticipating that a downturn in equities markets may lead to a correction in Bitcoin (BTC) price.

Fauci also cautioned that an effective vaccine may not arrive as quickly as the medical community expects. He said on July 1:

“There is no guarantee … we’ll have a safe and effective vaccine… I am very concerned because it could get very bad.”

In recent months, the price of Bitcoin has mirrored that of U.S. equities and if prolonged restrictive measures trigger another sell-off of risk-on assets BTC could be vulnerable to another major pullback.

BTC-USD versus the S&P 500

BTC-USD versus the S&P 500. Source: Skew.com

Investors in the traditional financial market are simply confused

In large part, the majority of institutional investors in the U.S. and Europe are still cautious about equities. In early June, FT reported that hedge funds were getting ready for a stock market crash. Some large-scale hedge funds, including Fasanara Capital, had up to 70% of their holdings stored in cash.

The unpredictability of the pandemic has forced high-net-worth investors to remain skeptical towards equities and if newly emerging data about the virus continues to worsen, investors may search for shelter in risk-off assets.

For Bitcoin, given its high correlation with stocks since March, a stock market downturn might cause a crypto market pullback.

Bitcoin recovery since March 13

Bitcoin recovery since March 13. Source: TradingView.com

The market is at a point wherein high-profile strategists are struggling to evaluate economic data and corporate figures. RBC Capital Markets head of U.S. equity strategy Lori Calvasina said:

“The numbers are sort of all over the place.”

While strategists remain uncertain about the near-term trend of stocks, the demand for cash and safe-haven assets is increasing.

According to data from the Federal Deposit Insurance Corporation (FDIC), bank deposits increased by $2 trillion during the pandemic. It indicates that investors are increasingly moving away from high-risk assets to mitigate risk.

Brian Foran, an analyst at Autonomous Research, said:

“A lot of banks are saying, `There’s frankly not much we can do with it right now.’ They have more deposits than they know what to do with.”

A continuous rise in investors’ appetite for cash and declining demand for risk-on assets may lead to a Bitcoin market slump.

Despite all the cash in the market, Bitcoin isn’t recovering

It is not just the traditional financial market that is seeing an increase in cash savings. Tether (USDT), the most dominant stablecoin in the crypto market, recently surpassed $10 billion in market capitalization.

Depending on how the data is interpreted, the sharp increase in Tether’s valuation may mean an increase in the capital that’s waiting on the sidelines to get into Bitcoin.

Despite the growing amount of cash in the financial market and in crypto, both stocks and Bitcoin have consolidated in recent months. Almost immediately after the balance sheet of the Federal Reserve contracted, stocks and crypto assets fell simultaneously.

The trend suggests that investors are waiting for additional economic data and more insight into how the U.S. economy will respond to the resurgence of the coronavirus. 

The reluctance of market participants engaging with risk-on assets could possibly lead to increased selling pressure on BTC in the near-term.

Source link

EDITOR’S CHOICE

Global Crypto Investment Fund FD7 Ventures to Sell $750M USD Worth of Bitcoin to Increase Cardano and Polkadot Holdings

Coinbase Files for Direct Public Listing With SEC - Cryptocurrency Regulation

Tanla to take Blockchain platform Trubloq abroad

From mail-in ballots to business as usual, Vermont municipalities prepare for Town Meeting

CI files prospectus for Ethereum ETF - Advisor.ca

Crypto bull run on track amid surge in US inflation expectations

Best Pick For You

News

  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Business News
  • Ethereum News
  • Litecoin News
  • Ripple News

Features

  • Market Analysis
  • Opinion
  • Explained
  • Policy & Regulations
  • Top Cryptocurrencies
  • Technology News

Market Tools

  • Market News
  • Price Indexes
  • Bitcoin Price Index
  • Ethereum Price Index
  • Bitcoin Cash Price Index
  • Litecoin Price Index
  • Monero Price Index
  • HeatmapPartner

Cryptopedia

  • Explained
  • Bitcoin101
  • Bitcoin Cash101
  • Ethereum101
  • ICO101
  • Ripple101

© 2020 Coingraph

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases

© 2020 Coingraph

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
bitcoin
Bitcoin (BTC) $ 48,584.00
ethereum
Ethereum (ETH) $ 1,525.62
cardano
Cardano (ADA) $ 1.28
binance-coin
Binance Coin (BNB) $ 245.56
tether
Tether (USDT) $ 1.00
polkadot
Polkadot (DOT) $ 34.30
xrp
XRP (XRP) $ 0.435817
litecoin
Litecoin (LTC) $ 171.57
chainlink
Chainlink (LINK) $ 26.26
stellar
Stellar (XLM) $ 0.414747
bitcoin-cash
Bitcoin Cash (BCH) $ 488.04
usd-coin
USD Coin (USDC) $ 0.998834
uniswap
Uniswap (UNI) $ 23.89
dogecoin
Dogecoin (DOGE) $ 0.049476
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 48,682.00
nem
NEM (XEM) $ 0.646304
okb
OKB (OKB) $ 17.82
aave
Aave (AAVE) $ 372.47
cosmos
Cosmos (ATOM) $ 18.26
monero
Monero (XMR) $ 220.65
solana
Solana (SOL) $ 14.73
crypto-com-chain
Crypto.com Coin (CRO) $ 0.146961
eos
EOS (EOS) $ 3.63
bitcoin-sv
Bitcoin SV (BSV) $ 180.92
tron
TRON (TRX) $ 0.046778
iota
IOTA (MIOTA) $ 1.19
theta-token
Theta Network (THETA) $ 3.21
havven
Synthetix Network Token (SNX) $ 20.61
vechain
VeChain (VET) $ 0.043577
tezos
Tezos (XTZ) $ 3.57
neo
NEO (NEO) $ 37.11
huobi-token
Huobi Token (HT) $ 13.91
ftx-token
FTX Token (FTT) $ 29.19
cdai
cDAI (CDAI) $ 0.021170
binance-usd
Binance USD (BUSD) $ 0.998151
terra-luna
Terra (LUNA) $ 6.01
dai
Dai (DAI) $ 1.00
elrond-erd-2
Elrond (EGLD) $ 135.49
the-graph
The Graph (GRT) $ 1.81
sushi
Sushi (SUSHI) $ 16.84
filecoin
Filecoin (FIL) $ 37.91
dash
Dash (DASH) $ 209.21
compound-governance-token
Compound (COMP) $ 478.09
leo-token
LEO Token (LEO) $ 2.09
avalanche-2
Avalanche (AVAX) $ 25.87
kusama
Kusama (KSM) $ 218.43
maker
Maker (MKR) $ 2,183.19
compound-usd-coin
cUSDC (CUSDC) $ 0.021661
celsius-degree-token
Celsius Network (CEL) $ 4.78
compound-ether
cETH (CETH) $ 30.71