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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