#Bitcoin: Bitcoin Rises by 7% amid Massive Market Sell-off on Tuesday
Crypto market, encountered a 7% rise in Bitcoin on Tuesday amid a 400-point drop in the Dow Jones Industrial Average.
According to CNBC, Bitcoin, was trading above $9,400 and has gained roughly 20% in the past week.
One of the partners of Blockchain Capital, Spencer Bogart, said;
“Bitcoin remains uncorrelated to traditional asset classes, is more than 50 percent off its highs and has significant upside.”
Data from Coindesk, has it that bitcoin, was trading close to $9,436 as of 4:21 p.m. ET, and has jumped nearly 20 percent in the past week.
Reports online have it that the Dow Jones industrial average closed more than 400 points lower, dropping more than 750 points from its session high to the lows of the day. The S&P 500 fell 1.3 percent, and the Nasdaq composite declined 1.7 percent.
Spencer Bogart, revealed that bitcoin presents an appealing alternative for investors selling on macro-economic news this week.
He said;
“Bitcoin remains uncorrelated to traditional asset classes, is more than 50 percent off its highs and has significant upside. It feels like a no-brainer from a portfolio management perspective to allocate some capital to crypto.”
