Stock Market Crash Doesn’t Stop The Bitcoin Price Rise

There is mixed action taking place in the cryptocurrency market. But, this is not affecting the progress of Bitcoin as this digital currency is on an upward swing at the moment. Bitcoin hit a four-day high on Friday at $8,621.27. It went to the $7,700 before bouncing back to $8200 odd mark.

The offshoot of Bitcoin, the Bitcoin cash is also seeing a good boost in the market. It has gone up by 25 percent. The XPR token of Ripple also reported a 3 percent rise. The other crypto players who were on the losing side were NEO, Cardano, and ether token from Ethereum.

The Dow Jones saw a 1000-point slide due to the fears of higher inflation and an increase in the U.S. bond yield. The daily percentage returns between the S&P 500 and the cryptocurrency is seeing a rise of about 33 percent. This is the first time such a figure is recorded since January 2016.

There is still a lot of volatility in the cryptocurrency trading. This is why many people are not considering the cryptocurrency trading to be anywhere close to trading with gold or Swiss Franc. This means that the Bitcoin and its likes need to show marked gains and do away with this wide volatility to be considered by investors.

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About the Author: Paul Wright

Paul grew up in a small town in Ohio. He studied history in university, graduated, and married his wife shortly after graduating. They were then blessed with two baby boys within the first four years of marriage. Having babies gave their family a desire to return to the old paths – to nourish their family with traditional, homegrown foods; rid their home of toxic chemicals and petroleum products; and give their boys a chance to know a simple, sustainable way of life. They are currently building a homestead from scratch on two little acres in central New Mexico. There’s a lot to be done to become somewhat self-sufficient, but they are debt-free and get to spend their days living this simple, good life together with their five young children.

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