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The sentiment helped the U. Sebastien Galy, a strategist at Nordea Asset Management, noted the recent pullbacks would do little in harming the prevailing global market rally. A spike in virus cases in China and the U. The U. It was trading a little above Meanwhile, it topped near Play Now! The sentiment rippled across the European markets.
In Frankfurt, the benchmark Dax dived 2.
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Global stocks plunged in sync on rising demand for cash. Source: FT Futures tied to the U. Meanwhile, spot gold slipped by 1.
Bitcoin A downside move across the macro assets put Bitcoin, an offbeat investment asset, in the same bearish trajectory Monday. The cryptocurrency plunged by 2.
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Bitcoin price chart on TradingView. Source: TradingView. The latest move, however, took Bitcoin below the support of its Ascending Triangle.
Breaking below the pattern typically leads an asset lower by as much as the height of the triangle. On a brighter note, one Wall Street veteran bitcoin brighter trade that the global market rebound is merely a technical correction.
Sebastien Galy, a strategist at Nordea Asset Management, told FT that investors would reenter the market on the next dip.