Bitcoin Rises Back to $8.8K Even as US Stock Futures Drop

Bitcoin Rises Back to $8.8K Even as US Stock Futures Drop

Bitcoin is up again Friday as losses are seen in U.S. stock futures.

Following a rise of 23% over the last two days, though, the rally looks overstretched and the gains may be short-lived.

At press time, the biggest cryptocurrency by market value is trading near $8,860, representing a 2.8 percent gain on the day, according to CoinDesk's Bitcoin Price Index. Prices have risen from lows near $8,600 seen earlier today.

Meanwhile, the futures tied to the S&P 500, Wall Street's equity index, are down over 2 percent.

Renewed growth concerns seem to be weighing on the futures market. Amazon, the world's largest online retailer, warned of a possible second-quarter loss late Thursday, and Apple declined to give a financial forecast for the first time in a decade.

Read more: First Mover: Tezos Led Crypto Market With Twice Bitcoin’s Gains in April

Further, fears of fresh U.S.-China trade war gripped markets in Asia after President Trump threatened China with retaliatory tariffs over the coronavirus outbreak. Trump accused China of unleashing the virus into the world due to some awful mistake, and even suggested the release could have been intentional.

All this economical gloom may, though, bodes well for bitcoin, as some analysts consider bitcoin a safe haven like gold. That belief has been reinforced by the cryptocurrency's stellar recovery rally from the March 13 low of $3,867.  

Bitcoin is also widely expected to maintain its upward trajectory in the days leading up to the mining reward halving, due on May 12.

Key on-chain metrics also suggest investor confidence in the ongoing rally. Both small and large investors, popularly known as "whales," seem to be accumulating coins ahead of the halving.

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