While the stock market has literally dumped over $3.1 trillion down the drain, the crypto market has turned up after a dip. Bitcoin sank along with the stock market, and even a little before that, after Trump declared war on penguins. But Mike Saylor gives a simple explanation:
🥸"Bitcoin is traded as a risky asset in the short term because it is the most liquid, tradable, around-the-clock asset available on Earth. In times of panic, traders sell what they can, not what they want. That doesn't mean it's correlated in the long run - it's just always available."
The main thing here is to observe the actions of the whales. Throughout yesterday, as the markets were on fire, Ethereum whales bought more than 130k ETH in the market. Bitcoin whales have added over $1.2 billion to their BTC wallets.
When all markets are asleep, cryptocurrencies are available 24/7 and therefore react more strongly to all fears and panic selling, but in this particular case, cryptos outperform the stock markets, both in physical and percentage terms.
Let's see how the US markets open today.
