The Dow and S&P 500, the benchmarks of the US stock market, have recently erased nearly four years of profit after Trump's election, CNBC reported.
After the future of stocks rebounded from news about the US Federal Reserve, triggering unlimited quantitative easing, all the major indices ended up opening lower. Despite reducing some of its losses due to the impending bipartisan deal on the coronavirus stimulus package, US stocks still refuse to blink green, with the Dow currently down 0.84 percent.
In particular, Bitcoin (BTC), the leading cryptocurrency by market cap, continues to operate at virtually the same level as stocks. At press time, it is at $ 6,351 after rising to the $ 6,600 level earlier today.
Bitcoin leaves stocks in the dust
The Dow fell to an intraday low of 18,213 basis points, meaning it was trading below its Election Day close of 18,332 that ushered in the tumultuous Trump era.
In stark contrast to that, investors who bought Bitcoin on November 8 at approximately $ 700 are making huge profits. Popular cryptocurrency analyst Chris Jaszczynski has estimated that BTC has risen 676 percent since Trump's historic victory.
– MMCrypto (@MMcrypto) March 23, 2020
Trump's first year in office coincided with the massive Bitcoin run that caused everyone to talk about the cryptocurrency that started it all. However, according to recently reportedMike Novogratz, the CEO of Galaxy Digital, is convinced that 2020 could also be the year of Bitcoin.