The world’s largest cryptocurrency bitcoin, It lost more than 5% of its value within minutes after the rally it experienced today. Investors are curious about the event that caused this decline.
BTC price experienced a partial rally during the day and managed to rise above $ 20,300 according to CoinMarketCap data. However, at the time of this writing, Bitcoin erased all the gains of this rise and is currently trading at $ 18,936.
The Source of the Decline in Bitcoin Is Considered to be the Fall in Stock Stock Indices in the USA
Leader cryptocurrency It is observed that the stocks in the USA have decreased along with it. Although the US stock markets experienced an increase of 2 percent during the day, they became negative with the subsequent decreases.
Nasdaq gains climbed over 2%.
— Bitcoin System (@bitcoinsystem) September 27, 2022
After losing 13.5% in July, Bitcoin is still down 4.47% this September. The largest cryptocurrency fell by 72.28% from its record high.
U.S. stocks plunged deeper into a bear market on Tuesday as the S&P 500 hit a 2022 low and the 10-year Treasury yield continues to climb to levels not seen in at least a decade.
The S&P 500 fell 0.65% below the previous bear market intraday low of 3,636 set in mid-June. The Dow Jones Industrial Average fell 282 points, or about 1%, most recently, erasing its previous gain of about 400 points. The Nasdaq Composite fell 0.5%.
The S&P 500 is now 24.7% below its January record, while the Dow is 21.4% below its all-time high. The Nasdaq has lost more than 33% since it set a record in November.
The 10-year Treasury bond rebounded from levels seen earlier in the day, rising nearly 9 basis points to 3.96%. The 2-year interest rate was flat at 4.308% for the last time.
*Not investment advice.
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