It’s Not just Bitcoin, S&P Proceeded BTC Breakout as it Drops the Most in a Month
From about $10,000 on Sept. 23, Bitcoin price plunged to $8,024 on Sept 24., seeing the loss of almost 20 percent.
Although BTC price soon jumped above $8,800, it wasn’t long that the leading cryptocurrency was back to $8,216. At the time of writing, BTC/USD has been trading at $8,313 with 24 hours gains of 13.24 percent, as per Coincodex.
However, Bitcoin isn’t the only one that is seeing such great losses. The US stock market actually “proceeded the bitcoin breakout,” stated, Mati Greenspan, senior analyst at eToro. Though uncorrelated assets, this is a:
“really strange coincidence.”
US stocks closed lower on Tuesday with S&P 500 dropping 0.8% — its biggest one-day fall since August 23 — after President Donald Trump criticized China in a United Nations speech.
The Nasdaq Composite had its worst day in a month, falling 1.5% and the Dow Jones fell more than 200 points at one point. Asia markets, from Chinese stocks to Hong Kong, Japan and stocks in South Korea slipped on Wednesday.
Trump’s speech undermined investor sentiment that has been improving on hopes of successful trades next month.
“He ratcheted up the U.S.-China trade war again,” said John Kilduff, a partner at Again Capital LLC in New York.
Oil prices also fell 2% on Tuesday on renewed Sino-America trade tension along with bearish crude inventory data.
Equities extended their losses after it appeared the members of the House of Representatives are pursuing an impeachment against President Trump were the rise.
….You will see it was a very friendly and totally appropriate call. No pressure and, unlike Joe Biden and his son, NO quid pro quo! This is nothing more than a continuation of the Greatest and most Destructive Witch Hunt of all time!
— Donald J. Trump (@realDonaldTrump) September 24, 2019
The consumer confidence index, meanwhile, fell to a three-month low of over 125 from just above 134 last month.
However, today, US stocks bounced higher as Trump said a deal with China could happen soon. Bitcoin meanwhile, is still deep in red with altcoins even deeper in the losses.