Cryptocurrency Market Update: Bitcoin plunges in tandem with S&P 500 futures

Bitcoin proves that its correlation with the stock market is not a passing haze.
S&P 500 futures opened in the red on Monday dropping over 3%; Bitcoin slumps under $9,000.

Bitcoin led the cryptocurrency market in red turbulent waters on Monday.

The king of cryptocurrency tanked under $9,000 for the first time in June. This move comes after a fairly stable weekend session.

Bitcoin ousted stability as volatility increased amid a stronger bearish grip. Prices on leading derivatives trading platforms plummeted to lows around $8,920.

Spot trading platforms also experienced a fall of the same magnitude. Currently, Bitcoin is down 2.2% on the day to trade at $9,118.

In just under 2 hours, about $20 million worth of long positions has been liquidated.

This according to data provided by the analysis platform, Skew.com.

In addition to that, in the last 24 hours, $10 million more in long positions had been liquidated.

As mentioned the losses are spread across the crypto landscape.

For instance, Ethereum is trading 3.54% lower with a market value of $223. Ripple has also not been spared and is doddering 2.98% lower on the day to trade at $0.1845.

The rest of the digital assets are nursing losses ranging from 1% to 6% on the day.

Bitcoin slides in tandem with the stock market

Bitcoin recently established a correlation with the stock market has also been witnessed with a fall stock market.

Most futures of American equities opened the week’s trading in losses.

The below S&P 500 futures (ESI) chart shows that Bitcoin traded in tandem with the equities towards the end of the trading on Sunday.

Futures are down 3% on the day since opening which means Bitcoin has started to lead the recovery.

“Once equities correct strongly, odds that $BTC sees a correction too is large. Simple math, increased demand for cash may have its influence temporarily,” according to an analyst who predicted a V-shaped reversal from the devastating March crash.

Source: fxstreet.com

Comments

Cryptocurrencies Adding to the Safety and Security in the UK Gambling Industry

These are exciting times for the UK gambling industry. The impact of internet technology is now being felt with online gambling now controlling the industry. The adoption of cutting-edge technology is reasonable for the boom in the industry. From live casinos, mobile apps to artificial intelligence, incredible trends continue shaping the gambling industry. However, it is the rise of cryptocurrency casinos that seeks to redefine UK gambling. Many operators now include crypto coins such as bitcoin, Ethereum and Litecoin as part of their banking methods. Others offer exclusive bitcoin payments and promotions based on digital tokens. This revolutionary trend has a huge impact due to enhanced safety and security on these platforms. Players looking for peace of mind when playing online now opt to use cryptocurrencies. This post looks at how cryptos guarantee the safety and security of players at online casinos. How Cryptocurrency Gambling Works There’s a lot of talk ab...

Coinbase to Require Recipient Information for Crypto Transfers From Users in Canada, Singapore and Japan

Customers in those countries who send crypto outside their Coinbase accounts must provide recipients’ names, addresses and in some cases, additional information, as of early April. Cryptocurrency exchange Coinbase Global (COIN) will soon require its customers in Canada, Japan and Singapore who send cryptocurrency to another financial institution or exchange to provide the name, address and in the case of Japan, the destination wallet of the recipient. Coinbase has been sending notices to its customers in those countries that the changes will take effect in early April in order to comply with local travel rules in those places. Coinbase didn't immediately respond to requests for additional comment on the moves, but confirmed that they were taking place. The move does not seem to be going over well with Coinbase customers in those countries, who value the anonymity of transactions using cryptocurrency. According to a FAQ provided by Coinbase , for Canadian users, ...

Farm GRASS earn MONEY

Use your Unused Internet Bandwidth to make $$$ In today’s interconnected world, the concept of passive income has taken on new dimensions, offering innovative ways for individuals to monetize underutilized assets. One such groundbreaking avenue involves earning money by selling your unused internet connection. By participating in decentralized networks like Grass, individuals have the opportunity to turn their dormant bandwidth into a valuable asset, contributing to a fairer and more equitable digital landscape while generating income. Grass is a decentralized network sharing application designed to offer an alternative to existing centralized networks. It allows users to sell their unused bandwidth directly, without the need for exploitative middlemen. The platform operates by enabling users to download a web extension that runs in the background, assisting others in accessing public web data in exchange for payment using the protocol’s native token. How ...

Crypto Ethone

Search This Blog