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.
