BitCoin- Drops More than 10% in a Day
Bitcoin dropped more than 10% on Monday, dipping below $31,000 after touching a recent high of $40,000 last week.
The price of bitcoin dropped 10.5% at $30,953.94, according to Coin Metrics which is a renowned crytpo trading platform.
BitCoin- Coin Matrics Index
BitCoin- At It's Record Low
The cryptocurrency is at its weakest point since July when Bitcoin traded as low as $29,839.80.
It’s about 53% from its all-time high, which it hit in November. Ether fell 11.6% to $2,269.39.
BitCoin- 53% Down from Record High
BitCoin- Stock Market Sell Off Impact
Bitcoin have been steadily extending their declines since Thursday, when they fell sharply amid broader stock market sell-off.
Crypto market, led by bitcoin, has remained highly correlated with the moves in equities, particularly tech stocks, for about a year.
BitCoin- Dependent on Equities & Tech Stocks
BitCoin- Broad Shift in the Market
Equity and Crypto markets are selling off across the board due to a broad shift from risk-off to heavy risk-selling.
Additionally, bitcoin currently has no counter-trend signals but the equity market looks poised to rebound this week.
BitCoin- No Counter Trend Signal
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