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Dow Pounds Higher, But 'Apathetic' Bitcoin Trades Sideways

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The Dow and its peers made strong gains in pre-market trading on Friday. | Source: Shutterstock

Dow flashing triple-digit gains and its sister indices making similarly-bullish strides. Bitcoin, though, entered the day with little momentum as the cryptocurrency market demonstrated a lack of conviction.

Dow Futures Post Triple-Digit Advance

As of am 8:21 am ET, Dow Jones Industrial Average futures had gained 157 points or 0.65 percent while S & P 500 and Nasdaq futures had climbed 0.45 percent and 0.48 percent, respectively.

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Dow Jones Industrial Average (blue), S & P 500 (red), and Nasdaq (orange) all made strong gains on Friday morning.

The three major US stock market indices had recorded solid advances on Thursday. The Dow closed at 24.370.10 after rising 162.94 points or 0.67 percent, the S & P 500 ended the session at 2.635.96 after rising 0.76 percent, and the tech-heavy Nasdaq put the 7,000 mark further into its rearview mirror following a daily gain of 0.71 percent.

Mnuchin Wants to Scale Back Trade War Tariffs: Report

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The report that US Treasury Secretary Steven Mnuchin wants to scale back the trade war gave the markets a welcome jolt on Thursday. | Source: Flickr / International Monetary Fund

Thursday's rally was partially sparked by a Wall Street Journal reports that the United States had held high-level discussions about the scaling back tariffs that the United States had placed on the United States.

According to that report, cited "people close to internal deliberations," Treasury Secretary Steven Mnuchin himself had proposed lifting some – or even all – of the tariffs. However, US Trade Representative Robert Lighthizer is not on board with Mnuchin's plan.

Nevertheless, the indication that one of US President Donald Trump's cabinet secretaries was pushed back to the top of the stock market indices including the Dow, which climbed more than 250 points before those gains after a senior government official Mnuchin had recommended cutting tariffs.

To some analysts, that jump to the market are a "coiled spring" awaiting a trade war resolution.

In any case, Wall Street seems to be prevailing, at least ahead of the opening bell. But will they sustain that momentum through Friday's close?

Bitcoin & Crypto Market Trade Sideways

The stock market rally has not been extended to bitcoin or its peers, which eToro Senior Market Analyst Mati Greenspan says are increasingly "apathetic" to what is happening in the wider financial markets.

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Mati Greenspan said that he has been uncorrelated to the wider financial markets during the first month of 2019. | Source: eToro

Since the beginning of 2019, "the short-term correlations between bitcoins and gold, the US dollar, and the stock markets have been moved to near zero. They just DGAF. "

It's not clear whether the crypto market will sustain this trend in the year, but if it does not, it could be as good as it could be in viable economic hedge, if and when a recession arrives.

In the meantime, the bitcoin price enters the day with a 24-hour increase of 0.48 percent, currently trading at a global average of $ 3.651.

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The bitcoin price continues to trade around the $ 3,600 mark.

The flagship cryptocurrency is down 1.10% from where it was a week ago, owing to a multi-stage sell-off that put the market dangerously close to what some – but not all – analysts have identified as a crucial support level.

Cash flow, with a ripple (XRP) and bitcoin cash signaling losses of around 0.75 percent while EOS, tron, and IOTA, have all climbed at least 1 percent.

Featured Image from Shutterstock. Price Charts from TradingView.

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