Bitcoin slides below $20,000 as S&P 500 crashes
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Bitcoin rose above $20,000 today, but pared its gains. The cryptocurrency's higher price action is likely to be influenced by the downward move from the S&P 500. Bitcoin and other crypto assets have traded closely with stocks this year.
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Bitcoin is up more than 5% today, but is currently trading in the red. The price action may be related to the S&P500 trading at its lowest level since November 2020.
S&P 500 Drags Bitcoin Down.
Bitcoin is collected today, but it He wrote off his gains as stocks pulled back.
The top crypto showed signs of life today after crossing $20,000, but only after re-examining the total amount gained. According to CoinGecko data, Bitcoin is at $19,014, down 0.2% today. In mid-August, Bitcoin's first advance was halted, falling from $25,000 to around $20,350.
Bitcoin's rise and fall can be explained by recent sales in stocks. (The crypto market has shown a high correlation with traditional markets this year). S&P 500 hit 3,631 after a 0.71% rebound, the lowest level since November 2020. Shopping About 200 above summer lows. The Dow Jones, meanwhile, is hitting new lows this month.
In the year 2022 is one of the worst years in US stock market history, thanks in large part to the Federal Reserve.S A commitment to raising interest rates sharply to curb inflation. The S&P 500 fell 24.3% in January, the Nasdaq 32.88% and the Dow Jones 20.79%. The US central bank earlier this month announced a third consecutive rate hike of 75 basis points, and Fed Chairman Jerome Powell has repeatedly signaled that he plans to maintain the stance until inflation falls to 2 percent.
The crypto market's reaction to Bitcoin's activity has been muted so far. ETH has shown marginal resistance; Trading is currently up 0.2 percent. After the network completed its “merger” to Proof-of-Stake on September 15, Ethereum has lagged behind Bitcoin in its highly anticipated upgrade. it becomes Being a “news selling” phenomenon. According to TradingView data, it has ETH/BTC. Slide After hitting the 2022 high shortly before the merger, it fell to 0.069. ETH/BTC has been trading between 0.05 and 0.085 since May 2021.
Disclaimer: At the time of writing, the author of this article owns BTC, ETH and many other cryptocurrencies.
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