Cryptocurrency
Bitcoin Briefly Slips Below $10K on Downbeat SPX Sentiment; $9.6K Next?
As reported on NewsBTC, “Bitcoin briefly lost its balance near the $10,000-support on Tuesday as traders remained jittery about its recent fall from $10,500. “The BTC/USD exchange rate fell to an intraday low of $9,993, down 3.68 percent from its opening rate. The latest sell-off appeared on the backs of a stronger US dollar. The […]
As reported on NewsBTC, “Bitcoin briefly lost its balance near the $10,000-support on Tuesday as traders remained jittery about its recent fall from $10,500.
“The BTC/USD exchange rate fell to an intraday low of $9,993, down 3.68 percent from its opening rate. The latest sell-off appeared on the backs of a stronger US dollar. The greenback rose 0.32 percent during the early morning London session.
“The plunge in Bitcoin prices also appeared in tandem with traditional markets. For instance, futures tied to the S&P 500 fell 0.53 percent in premarket trading. Tech-savvy Nasdaq Composite, too, slipped by 1.27 percent. On Monday, the US market was closed for the Labor Day holiday.
A Costly Correlation
“Bitcoin and the US stocks formed an uncanny correlation since the March 2020’s infamous global market rout.
“Traders who suffered losses in the equities managed to raise cash by selling whatever profitable assets they were holding at that time. Observers believe that covering margin calls played a key role in sending the BTC/USD down by around 60 percent…”