Bitcoin and Ether in Biggest Slump Since Sept. 3 as Stock Markets Sink
Prices for both bitcoin and ether fell sharply in the past 24 hours, after a drop in global equities.
- The top cryptocurrency by market value was traded around $10,401.18 at press time, losing 4.64% over the previous 24 hours, while ether lost 8.15% over the same time period to about $341.01.
- The market correction in the top two cryptocurrencies came after the U.S. stock market fell to a two-month low amid new fears on the coronavirus pandemic.
- The German DAX and the U.K.’s FTSE indexes were also down by around 4% on the day. The Hang Seng Index began the week with a 2% decline.
- “Throughout 2020, we have consistently seen a strong correlation between crypto markets and traditional financial markets, and the crypto market’s response to the 2.2% drop in Dow Jones futures this morning has reaffirmed this correlation,” according to a note from Glassnode Monday.
- The crypto data site warned investors to keep an eye on the stock market for further impact.
- Meanwhile, Deribit, the world’s largest exchange for bitcoin options, was suffering from “partially degraded service,” as the exchange recorded high latency on the website as of press time.