Will there even be a recovery if you think about it? Bitcoin hit an all time low today and was sitting just over $66,000, which is lower than it was right after last Friday's selloff. It dropped roughly 2.8 percent to around $66,664 during Asian trading hours. Ether also didn't perform any better, dropping about 3.5 percent to around $1,938.
What's crazy is that at the same time this was happening, Asian stock markets were setting new record highs, so you're seeing a big difference between stock prices and crypto prices. The difference is very clear.
As I mentioned earlier, it seems that there are still some doubts about whether or not there will be any real recovery in crypto, and also if there is, it won't last long. It's amazing to see how stock prices can move up while at the same time, Bitcoin continues to slide down in the very same geographic area and the very same time, no correlation at all. Stocks and Bitcoin clearly are doing their own things.
The confidence of so many people in the market is still very low and investors are investing money into stocks avoiding crypto, even with all the excitement of institutional acceptance, ETFs and everything else. But, at the same time, there is divergence in the two markets, so there is something going on, we just don't know what.
Being that there is no crash or extreme situation going on, it has felt like a long and slow decline of crypto while everything else goes up. It's more like the frustration you feel when you see your team lose even if your team did not lose by a large margin.
