The Dow Jones Industrial Index finished weekly trading, which ended on Friday, at 19,000 points and broke the fourth red candle record in a single month. In the history of Dow Jones, such a stormy month has been very rarely seen before, and the effects of the decline are also reflected in Bitcoin.
Bitcoin Dropped Again
As the leading cryptocurrency Bitcoin rose to $ 6,800 yesterday, it had a serious decline with the closing of Dow Jones and even fell below $ 6,000 at night. According to some, although Bitcoin seems to have broken its bond with traditional assets, the decline in BTC after Dow Jones’ decline shows that the situation is different.
Having spent the fourth worst month in its history, Dow Jones also dropped Bitcoin to the bottom of 2018. Dow Jones, which has declined so much in the last 1930s, affected Bitcoin so hard that it scares many crypto investors.
Although dollarization in developing countries increases the price of USD, panic sales by traditional and institutional investors create a serious selling pressure on BTC. Dow Jones’ continuing to decline can definitely prevent BTC’s bullish trend.