After a disastrous trading month in December, Wall Street investors attempted to stage a comeback on the first trading day of the New Year, but they fell short of expectations. Bitcoin and Ethereum, on the other hand, fared much better and seemed poised to regain at least some of the considerable ground lost in 2018. For the most part, BTC and ETH traded sideways on low volumes after Christmas and through New Year’s Eve, but January 2 brought finally brought cheer to the cryptocurrency markets.
Cryptocurrencies Unaffected by Wall Street Losses
While the tech-heavy Nasdaq lost more than 2 percent after New Year’s Day, Bitcoin broke through the $4,000 exchange price with a daily gain of 2.5 percent. As for Ethereum, the exchange price posted an increase greater than 10 percent on the same day. It should be noted that Bitcoin futures on the Chicago Mercantile and Board Options Exchange were mostly positive at the same time Wall Street futures pointed downward.
Trends for the Stability of Cryptocurrency Market & Stock Market
The cryptocurrency markets have not enjoyed positive fundamental news aside from an article published by the MIT Technology Review on January 2, in which researchers believe that blockchain projects will be very active in 2019. The article mentions Fidelity Investments’ commitment to making Bitcoin and other digital currencies portfolio products; moreover, the expected arrival of a Bitcoin futures contract on the New York Stock Exchange was also noted by MIT researchers. It should be noted that the NYSE futures contract, unlike competing securities in Chicago, would be settled in Bitcoin instead of U.S. dollars, which means that it will be of interest to serious investors.