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Bitcoin Bounce Stalls at $9K Amid 2% Rise in S&P 500 Futures.

Bitcoin closely tracked action in the equity markets in March and April before decoupling in the two weeks leading up to the reward halving event on May 11.

Investors seem to be accumulating coins amid the price drop

On-chain data provided by blockchain intelligence firm IntoTheBlock shows the number of bitcoin addresses holding coins for over a year has reached a new record high of 19.44 million this month, toppling the previous lifetime high of 19.08 million in April. 

There’s a general consensus in the investor community that bitcoin is a hedge against the fiscal and monetary imprudence practiced by governments and central banks over the years, and more so, recently in the efforts to combat the coronavirus-led slowdown in the global economy.