S&P 500 Surging Towards New ATH….Bitcoin To Follow?
The stock market is looking extremely strong….for those who already know, though…Bitcoin exists in a whole other universe…
The S&P 500 Is Surging Towards a New ATH: Will Bitcoin Follow?
“Despite a worsening pandemic and uncertainty in the economy, the S&P 500 surged higher on Monday after a slow start to the trading session. At the session close on Monday, the leading stock index traded 0.85% higher than where it started. The S&P 500 now trades at 3,251.84, the highest value since the start of the capitulation event in February 2020.
The strength in the S&P 500 is seemingly in response to two things:
Extreme strength in the value of technology companies like Amazon, which is up 8% on the day.
The U.S. Treasury Secretary, Steven Mnuchin revealing that the next stimulus bill will involve at least $1 trillion worth of funding.
Bitcoin could rally once as it is currently lagging behind the S&P 500 as shown in the chart below from a cryptocurrency trader.”