{"id":38610,"date":"2023-07-21T07:34:53","date_gmt":"2023-07-21T11:34:53","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bitcoin-falls-after-dow-sees-best-streak-since-2017-its-a-bad-sign-for-cryptos\/"},"modified":"2023-07-21T07:34:54","modified_gmt":"2023-07-21T11:34:54","slug":"bitcoin-falls-after-dow-sees-best-streak-since-2017-its-a-bad-sign-for-cryptos","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=38610","title":{"rendered":"Bitcoin Falls After Dow Sees Best Streak Since 2017. It’s a Bad Sign for Cryptos."},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

\n Bitcoin
\n and other cryptocurrencies slid Friday, with digital assets continuing to underperform the stock market in what may be a worrying sign for crypto sentiment.<\/p>\n

The price of
\n Bitcoin
\n has fallen 1.5% over the past 24 hours to below $29,800, slipping outside the trading range between the psychologically important $30,000 level and $31,000\u2014a zone that has dominated for much of the past month. After briefly hitting a 13-month high near $31,700 last week, the largest crypto has lost momentum.<\/p>\n

\n

\u201cThe main sellers of Bitcoin in recent days have been short-term investors,\u201d said Alex Kuptsikevich, an analyst at broker FxPro, citing data from crypto market intelligence group Glassnode. \u201cThey have been preparing to take profits for several weeks. Long-term investors who have held the cryptocurrency for more than 12 months are in no hurry to join the sellers.\u201d<\/p>\n

Market data suggest that fickle sellers are keeping crypto prices under pressure, which is a departure from action in the stock market, where animal spirits and positive sentiment have pushed stocks higher in recent weeks. While cryptos and stocks are different\u2014and true Bitcoin bulls celebrate the decoupling of token and equity prices\u2014both are fundamentally risk-sensitive assets and have shown similar dynamics this year amid the outlook for interest rates and recession risk.<\/p>\n

The
\n Dow Jones Industrial Average
\n on Thursday notched its longest winning streak since 2017, and the
\n S&P 500
\n has risen some 4% in the past month while Bitcoin has lost 1% in the same period. The tech-heavy
\n Nasdaq
\n \u2014most correlated with cryptos\u2014dropped 2.1% on Thursday, which may have weighed on digital assets, but futures tracking the index have popped back up on Friday and it has still outperformed Bitcoin over multiple recent time spans.<\/p>\n

Bitcoin, typically more volatile, shouldn\u2019t be overextending the Nasdaq on the downside and lagging on the upside.<\/p>\n

\u201cBitcoin failed to develop any local upward momentum and continues to test the lower boundary of its last trading range,\u201d said Kuptsikevich. \u201cA failure below opens the door to a deeper correction to $28,900.\u201d<\/p>\n

Bitcoin\u2019s underperformance is worrying against a backdrop of significant catalysts. Cryptos have been buoyed by
\n BlackRock
\n (ticker: BLK) and other financial giants\u2019 filings for spot Bitcoin exchange-traded funds (ETFs), which carried Bitcoin back above $30,000 in June. Last week brought a pro-crypto court ruling that sent Bitcoin to its yearly high. Yet neither catalyst has helped prices hold onto high-water marks.<\/p>\n

Sure, regulatory uncertainties continue to hang over crypto and weigh on prices, but signs that the prevailing trend is downward in a historically quiet market\u2014while stocks march higher\u2014is not a good sign. While long-term holders may be steadfast, they alone can\u2019t prop up prices, and positive sentiment among short-term traders is needed to get momentum going again.<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014fell 1% to below $1,900. Smaller cryptos, or altcoins, fared worse, with
\n Cardano
\n falling 3% and
\n Polygon
\n dropping 2%. Memecoins were more mixed, with
\n Dogecoin
\n up 1% and
\n Shiba Inu
\n shedding 1%.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and other cryptocurrencies slid Friday, with digital assets continuing to underperform the stock market in what may be a worrying sign for crypto sentiment. The price of Bitcoin has fallen 1.5% over the past 24 hours to below $29,800, slipping outside the trading range between the psychologically important $30,000 level and $31,000\u2014a zone that […]<\/p>\n","protected":false},"author":1,"featured_media":19445,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-38610","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nBitcoin Falls After Dow Sees Best Streak Since 2017. It's a Bad Sign for Cryptos. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Bitcoin and other cryptocurrencies slid Friday, with digital assets continuing to underperform the stock market in what may be a worrying sign for crypto\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=38610\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Falls After Dow Sees Best Streak Since 2017. It's a Bad Sign for Cryptos. | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Bitcoin and other cryptocurrencies slid Friday, with digital assets continuing to underperform the stock market in what may be a worrying sign for crypto\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=38610\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-21T11:34:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-21T11:34:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/1686152496_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=38610#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=38610\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Bitcoin Falls After Dow Sees Best Streak Since 2017. It’s a Bad Sign for Cryptos.\",\"datePublished\":\"2023-07-21T11:34:53+00:00\",\"dateModified\":\"2023-07-21T11:34:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=38610\"},\"wordCount\":510,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Markets\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=38610#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=38610\",\"url\":\"https:\/\/ifintechworld.com\/?p=38610\",\"name\":\"Bitcoin Falls After Dow Sees Best Streak Since 2017. It's a Bad Sign for Cryptos. | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-07-21T11:34:53+00:00\",\"dateModified\":\"2023-07-21T11:34:54+00:00\",\"description\":\"Bitcoin and other cryptocurrencies slid Friday, with digital assets continuing to underperform the stock market in what may be a worrying sign for crypto\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=38610#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=38610\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=38610#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Bitcoin Falls After Dow Sees Best Streak Since 2017. It’s a Bad Sign for Cryptos.\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Bitcoin Falls After Dow Sees Best Streak Since 2017. It's a Bad Sign for Cryptos. | iFintechWorld","description":"Bitcoin and other cryptocurrencies slid Friday, with digital assets continuing to underperform the stock market in what may be a worrying sign for crypto","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=38610","og_locale":"en_US","og_type":"article","og_title":"Bitcoin Falls After Dow Sees Best Streak Since 2017. It's a Bad Sign for Cryptos. | iFintechWorld","og_description":"Bitcoin and other cryptocurrencies slid Friday, with digital assets continuing to underperform the stock market in what may be a worrying sign for crypto","og_url":"https:\/\/ifintechworld.com\/?p=38610","og_site_name":"iFintechWorld","article_published_time":"2023-07-21T11:34:53+00:00","article_modified_time":"2023-07-21T11:34:54+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/1686152496_social.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=38610#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=38610"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Bitcoin Falls After Dow Sees Best Streak Since 2017. It’s a Bad Sign for Cryptos.","datePublished":"2023-07-21T11:34:53+00:00","dateModified":"2023-07-21T11:34:54+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=38610"},"wordCount":510,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Markets"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=38610#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=38610","url":"https:\/\/ifintechworld.com\/?p=38610","name":"Bitcoin Falls After Dow Sees Best Streak Since 2017. It's a Bad Sign for Cryptos. | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-07-21T11:34:53+00:00","dateModified":"2023-07-21T11:34:54+00:00","description":"Bitcoin and other cryptocurrencies slid Friday, with digital assets continuing to underperform the stock market in what may be a worrying sign for crypto","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=38610#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=38610"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=38610#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Bitcoin Falls After Dow Sees Best Streak Since 2017. It’s a Bad Sign for Cryptos."}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/38610","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38610"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/38610\/revisions"}],"predecessor-version":[{"id":38611,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/38610\/revisions\/38611"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/19445"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38610"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38610"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38610"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}