Bitcoin’s price continues to increase even while coronavirus-related instability hit the stock markets on Monday.
BTC is trading for $13,677 at the time of writing this article, a 4.69% gain for the last 24 hours. That marks a new 16-month high-mark for the first-ever cryptocurrency, which has now increased 25% for the last month and 87% on a year-to-year basis.
Meanwhile, the bullish tendency for Bitcoin continues, even after the global stock markets suffered losses and the S&P 500 benchmark equity index fell by almost 2% after the Trump-Pelosi coronavirus relief plan fell apart on Monday.
Bitcoin experienced a minor decrease to $12,700 during Monday’s U.S. trading hours only to score a fast recovery to levels above $13,000. Considering this performance, many analysts believe BTC is likely to remain stable in the coming weeks. Practically, there appears to be an effective weakening of the steady positive correlation between BTC and the S&P 500 observed since the March crisis of this year.
The notion for the growing bullish stance of Bitcoin holders seems to be supported by the fact that the total number of BTC held on exchanges decreased to a two-year minimum of 2,478,799 BTC, as reported by Glassnode.
This decline in Bitcoin deposits suggests investors are unhinged by the risks on traditional markets and see low odds of Bitcoin suffering an equity market panic.
Investors usually move cryptocurrency from their wallets into crypto exchanges to trade away holdings when they are expecting a price decline and take direct control of their assets when the price of their assets is expected to rally.
