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Home»ADOPTION NEWS»Bitcoin falls below $42,000 despite gains in major stock indices
ADOPTION NEWS

Bitcoin falls below $42,000 despite gains in major stock indices

By Crypto FlexsDecember 16, 20233 Mins Read
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Bitcoin falls below ,000 despite gains in major stock indices
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Market • December 15, 2023 1:07 PM EST

Posted 1 minute ago In ~

Bitcoin BTC

-1.91%
It fell below $42,000, reversing all the gains since the U.S. Federal Reserve announced a rate freeze on Wednesday.

The world’s largest cryptocurrency by market capitalization is set to close the week lower and achieve its eighth straight week of positive returns. Bitcoin fell more than 2% over the past 24 hours to $41,991 at 12:10 PM ET, according to data from The Block.

The decline resulted in the liquidation of nearly $16 million worth of long positions, while only about $8 million of short positions were liquidated, according to Coinglass data.

According to The Block’s price page, Bitcoin has fallen below the $42,000 level.

Correlation between Bitcoin and stocks weakens

These muted price movements stand in contrast to the exuberance of traditional markets and call into question the tendency of digital assets to move in lockstep with major stock indices.

Wall Street continued to rally after the Federal Reserve decided to pause interest rates for the fourth time this year at its Federal Open Market Committee meeting on Wednesday. Rising trends in major stock indexes suggest investors are calculating the likelihood of a rate cut in 2024, with the CME FedWatch tool currently rating the odds of a March rate cut at around 65%.

The Nasdaq rose 0.4%, the S&P 500 was flat and the Dow Jones Industrial Average rose 0.1%.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Brian McGleenon is The Block’s UK markets reporter. He has worked as a financial journalist and producer for several news outlets such as Fuji Television, The Independent, Yahoo Finance, The Evening Standard and The Daily Express over the years. Brian is also a screenwriter and producer with one feature film and one in development at Northern Ireland Screen. In addition to web3 and cryptocurrency development, he is also interested in geopolitics, environmental issues, artificial intelligence, and longevity studies. Contact us via email (email protected).
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