RATE Group | Bitcoin Drop Correlated with Equity Market’s Recent Instability
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Bitcoin Drop Correlated with Equity Market’s Recent Instability

25 Sep Bitcoin Drop Correlated with Equity Market’s Recent Instability

Posted at 17:51h in Bitcoin News by

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Bitcoin experienced a massive sell-off yesterday that sent the entire crypto markets plummeting lower, with BTC erasing a significant amount of the gains it incurred throughout the first half of 2019.

Although it remains unclear as to what could have sparked this sell-off, one prominent analyst is noting that it does appear that there was a correlation between yesterday’s BTC downturn and yesterday’s drop in the global equity markets, which may mean that Bitcoin is, in fact, a correlated asset.

Bitcoin Plummets as Equities Market Faces Instability

At the time of writing, Bitcoin is trading down over 12% at its current price of $8,380, which marks a significant drop from its recent highs of well over $10,000.

This drop took the crypto community by surprise, as it happened quite quickly after BTC dipped below $9,500, which must have been an unforeseen level of critical support.

Because Bitcoin has been unable to post any strong recovery from this recent drop, multiple analysts are…

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