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Author Topic: Bitcoin tied to stock market?  (Read 534 times)
phazon307
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February 07, 2014, 09:15:31 PM
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I thought BTC was supposed to not be tied currently to the stock marker but I find it weirdly strange that while the stock market is crumbling so is BTC, and many other commodities.

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February 07, 2014, 09:17:21 PM
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i have noticed the same.

it's definitely not being used as a hedge, like gold & silver.
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February 07, 2014, 09:19:49 PM
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It's not tied to the stock market per se, as it's volatility is tied to any news headlines good or bad; IE Russia, Germany, Mt. Gox, Apple, Shrem etc.

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gollum
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February 07, 2014, 09:24:58 PM
 #4

I thought BTC was supposed to not be tied currently to the stock marker but I find it weirdly strange that while the stock market is crumbling so is BTC, and many other commodities.
Bingo!
Yes, Bitcoin is a high risk asset, and when speculators are greedy bitcoin is going up more than stocks, and when stocks go down bitcoin crashes.

It's simply about human emotions fear and greed. Right now the market is beginning to be more fearful and is dumping risk assets such as bitcoin and is buying into gold instead.
phazon307
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February 07, 2014, 09:37:26 PM
 #5

Well I think it will bounce back I noticed all the alt coins have significantly dropped in price as well.

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February 07, 2014, 09:53:41 PM
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yes there are only about 12 million bitcoins in existence but most are just being held. it may be as little as 1/2 -1 million that is being traded which is a very small number since most of the world is able to trade with it if they wish to do so.
 many new speculators have got into it since it stopped being about $20. most of the people therefore 'trading' are doing so to make money or if it drops sell out quick to avoid a big loss. the fact its bitcoin is irrelevant to them, it could be tulips. so the price is highly jittery to news as another poster has said.

i think the original miners must  shake their heads at the fuss that is being made about the price all the time. its not helping the longer term "acceptance/credibility' that bitcoin needs to get firmly established.
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