The Dow Jones Industrial Average closed out Friday’s trading session at 19,000 points, setting a record for the 4th largest single one-month red sell candle in the index’s history. And with Bitcoin recently tightly correlated with the stock market, it could make the cryptocurrency especially vulnerable to another crash.
Dow Jones Industrial Average Sets Record for 4th Worst Month on Record
The coronavirus and a coming recession have caused a global, market-wide, panic-induced selloff of all assets. The selloff began with the stock market, but later hit cryptocurrencies like Bitcoin, precious metals gold, silver, platinum, and more assets.
The Dow Jones Industrial Average was hit among the hardest and has been setting record after record for some of the worst single-day, and one-week losses in the history of the popular United States stock index.
Now, it is the index’s monthly candle may be headed into the history books. This month’s DJI candle is the 4th largest in history, notably beating out the “Great Recession” of 2008.
The worst selloff ever recorded occurred in 1929. Some iconic market analysts, such as W.D. Gann believed that the worst economic cycles arrived every 90 years. Read More...