United States president Donald Trump has hailed the recent stock market recovery as “tremendous”, prompting analysts to call for the effective end of the “shortest bear market in history”.
“Whether you’re doctors or not, I’m looking forward to that day where it [Coronavirus] levels out and then goes down.” Trump told Fox News.
“I think we’re going to have a tremendous bounce, look at the stock market today I think we set a three day record, we set a one day record yesterday and today we almost did it again. The stock market has gone up tremendously in the last few days.”
The Dow Jones Industrial Average has surged by 24% over the past three days as it begins to climb back towards the 23,361 level of resistance.
Trump taking victory laps on the stock market again. You love to see it. pic.twitter.com/rvEjTwkG1E
— Ramp Capital (@RampCapitalLLC) March 27, 2020
However, the move to the upside comes after the most severe plunge since the 2008 financial crisis, with a 38.64% drop taking place within 30 days.
Bitcoin, meanwhile, suffered a much worse decline with it sliding from $10,500 to as low as $3,600 as traders rushed to liquidate their assets.
It has since recovered remarkably alongside the stock market, with it now trading at around $6,680 ahead of the typically low volume weekend session.
But over the past three days it has struggled to breakout above the $7,000 level of resistance, leading to scrutiny from the likes of Euro Pacific Capital CEO, Peter Schiff.
Congratulations Bitcoin hodlers. It looks like #Bitcoin may actually be living up to its status as a non-correlated asset after all. Every asset class is rallying today except Bitcoin!
— Peter Schiff (@PeterSchiff) March 26, 2020
“Congratulations Bitcoin holders.” He wrote on Twitter. “It looks like Bitcoin may actually be living up to its status as a non-correlated asset after all. Every asset class is rallying today except Bitcoin!
A stock market resurgence coupled with May’s Bitcoin halving event could well result in a cryptocurrency bull market leading into the latter half of 2020, although this would also depend on the spread of Coronavirus being dramatically reduced.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.