CNBC, the poster child for mainstream financial investing, and a media outlet that has been giving a good word for Bitcoin recently given the coin’s bullish performance, decided to take a shot at the cryptocurrency. CNBC charted Bitcoin’s price change and that of the $24 trillion stock market index and the S&P 500 since the close of May 31.
CNBC Fast Money tweeted,
“Bitcoin is underperforming the S&P 500 this month…wow”
After two incredibly bullish months in April and May, the king coin experienced a brief relapse, falling below the $8,000 mark and dropping down to $7,600. And, while recent strides have done away with the worst of this pullback, Bitcoin is still below $8,000.
On top of this market anxiety, CNBC’s off the cuff comparison to the leading stock market index not only ruffled a few feathers, but resulted in a befitting reply.
The S&P 500 is trading fairly sideways following the ongoing trade dispute between the United States and China. Interestingly, in the early days of June, as Bitcoin recorded a trend reversal, the S&P 500 began surging, following days of neutral movement.
Not one to take things lying down, Bitcoin used this jab as fuel and called on the return of the bulls. As if on cue, in less than 2 hours following the CNBC Fast Money tweet, the king coin rose by over 4.31 percent in a matter of two hours from well below $7,700 to within touching distance of $8,000.
Bitcoin’s massive rise was not short-lived either. The top cryptocurrency managed to sustain the bullish upswing, for the most part at least, as the price fell a little to $7,940, with a major chunk of the resurgent price rise still present in the BTC market and buoying the price upwards.
Anthony Pompliano, Managing Partner at Morgan Creek Digital and massive BTC bull, added on to the seeming cause and effect and responded,
Bitcoin just rose 5% right on schedule.
The CNBC twitter intern has to have HEAVY Bitcoin bags 😂😂
— Pomp 🌪 (@APompliano) June 11, 2019
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Blockchain Whispers launched the second season of Crypto Signals World Championship
Graduate of Finance and Economics, interested in the intersection of the world of decentralized currency and global governance.