ASX Prices Climb as Bitcoin Price Plummets On Anzac Weekend

Over the weekend, Australia’s leading share market index S&P/ASX 200 saw a notable increase in price. Interestingly, the gains in ASX coincides with Anzac Day public holiday. This raises some questions on whether the increase in the Aussie market was related to the nation’s remembrance day.

Meanwhile, the leading cryptocurrency Bitcoin (BTC) declined within the week, while the S&P/ASX 200 gained.

Anzac-ASX Market Move

The 25^th of April is the Australian and New Zealand Army Corps (ANZAC) Day, dedicated to commemorate the soldiers “who served and died in all wars, conflicts, and peacekeeping operations”, especially those in the Gallipoli Campaign during World War I.

It seems Aussie traders and investors got optimistic about Anzac Day as S&P/ASX 200 increased by almost one percent in two days leading up to the remembrance day.

Within the same period, Bitcoin declined by over three percent from $51,739 USD on Friday to $50,052 USD on Sunday.

ASX Drops 0.2% on Monday

On Monday though, the Australian share market lost some points. The ASX/S&P 200 dropped by about 0.2 percent of its opening value. The market closed at 7045.6 points, according to data from Market Index. The drop may be attributed to the fact that there was a low trading volume on the market.

Bitcoin, however, gained some points on Monday. At the time of writing, it was trading at $53,772 USD on CoinMarketCap, which represents about an 8.11 percent increase over the past 24 hours. Bitcoin maintains a market capitalization above $1 trillion USD.