BTC Recovers Back by Passing $9,000 Leaving Stock Market Behind

Vandana  |  Apr 30, 2020

Ever since the market crash of March 12-13, there has been huge volatility in the whole crypto market. In this time period, Bitcoin has shattered the hopes of some people and at the same time given a bullish outlook to many. It has been trying to recover from that market crash since then only and now it has received success. Bitcoin, BTC recovers back today as it passed the $9,000 mark at 3:30 am UTC.

The overall recovery of Bitcoin has also passed the Dow Jones Industrial Average Index which is the major market barometer. Through this latest increase today, bitcoin has again become the best performing asset of this year.

Bitcoin (orange)

Gold (yellow)

US10Y (black)

BTC recovery may reach higher with halving event

As Bitcoin has been recovering rapidly since the market crash of March 12-13, a lot of people have been expecting that it may reach higher with the halving event. This halving event is very crucial and extremely important as it will be determining the future of Bitcoin for over the next few years.

Bitcoin halving occurs every four years and as the previous two halvings are considered, they have rapidly increased the value of bitcoin. A lot of discussions has been going on regarding this upcoming halving and this has been followed up by a lot of predictions as well. However, it is yet to be seen that what this halving will lead towards.

The whole financial market has seen a downtrend in March

It has been seen that in the market crash of March, the whole financial market has seen a huge downtrend. This downtrend is due to the huge spread of coronavirus and the lockdown situation going on in the huge part of the world.

Dow has also posted a lot of downtrend in the month of March and the worst phase has been counted in between March 12 and 23. Even though BTC has reached its all-time low in this market crash but it has managed to recover back very soon and rapidly.

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