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For many investors in the crypto world, it is a good day to be a longtime trader as BTC began its journey to recovery from one of the huge price drops in its history.
Though the traders on the other side of the financial market are not having a good time at all considering the severe dipping in the price of stocks, especially the tech stocks, which make the traders saw red all through with stocks like Tesla dipping as much as 5%.
The crypto market leader happened to finally lead a downward trend that has many traders held it all through the last week since the asset hit the All-Time High price of $58,367 on Coinbase. At the end of February 2021, it fell to a low price of $43,016 but has since been rising back up steadily.
Optimism despite SEC Agenda
However, on Monday, the price came very close to the $50,000 milestone but fell by 3-5% again that day as the market is trying to process the statements released by Gary Gansler, the nominee for the SEC Chairman who, despite his praise for the crypto and its market, declared that there would be more regulations and controls to the market.
Though despite that statement, BTC has rebounded, and the price is currently sitting above the $51,000 mark. This formed a pump of about 6% in the last 24 hours, and to the long-term holders, it is a comforting sign having adhered to the prediction model called “Stock-to-flow,” which predicted that in not distant future, BTC would trade at $100,000.
Looking back to history, it is about one year that BTC started this current rapid bullish run following the market crash induced by COVID-19 in march 2020.
It is not working for the Tech Stocks Market
Meanwhile, the traders in the tech stocks market are wallowing in pain after such an unbearable day.
The watchlist compiled by Yahoo Finance called “Tech Stocks That Move The Market” (contained about 18 of the most promising and most traded tech stocks in the S&P500) has experienced a 2.57% dip altogether.
Except for Yelp and Alibaba, which have a marginal gain of 1% and 0.79%, respectively, every stock on the list recorded losses for the day. For instance, Tesla’s $TSLA had about a 4.98% loss, MicroStrategy also fell by about 2.26% today, plus the likes of Google, Netflix, Amazon, and Apple, which all saw red in the market.
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