The U.S. POTUS has tested positive for coronavirus, sending all sorts of markets flying in different directions.
Gold is up, and equities are down.
Bitcoin, for its part, is down about 2.5% from where it was yesterday, standing around $10,500 as of press time.
Ethereum is down about 5%, and many defi coins and tokens have stumbled in today’s market, scattered like errant chess pieces in a market that was already facing both agricultural and technology conflicts in Sino-U.S. trade, COVID19 market impacts, and more.
Although Bitcoin’s loss is not profoundly substantial next to its gains over the past six months, it does represent to some traders the idea that the coin’s tracking value is closer to equities than it is to gold.
Over the past months, the scriers of cryptocurrency have examined many charts and numbers in a controversy that mirrors the particle versus wave debates in conventional and quantum physics:
To whit, does Bitcoin track with gold or equities?
“I think, once and for all we can all agree that #btc is not correlated to gold and is correlated to equities, no chopping and changing whenever it suits our bias, this is how it is now,” tweeted self-proclaimed smart contracter Farmer Bluntz this morning, as quoted in a piece by Martin Young at Cryptopotato, following this type of correlation.
Young also cites another tweet from @realDonaldTrump meant to prop up investor and citizen sentiment:
“Tonight, @FLOTUS and I tested positive for COVID-19. We will begin our quarantine and recovery process immediately. We will get through this TOGETHER!”
“Global stock markets have already reacted in a heavy slide, and crypto markets appear to be following them downwards at the time of writing,” Young subsequently notes.
By any measure, the uncertainty and volatility of coming weeks are nothing to sneeze at. We’ll see what tomorrow brings.
