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, 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.

Read alsoCryptocurrency Market News: Bitcoin free-fall rollercoaster ride tumbles under $9,000

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Ethereum price breaks $600 in anticipation of ETH 2.0’s launch in December

Ethereum is currently trading at $601 after finally breaking the psychological barrier at $600 for the first time in two years. At the time of writing, around 305,920 ETH has been staked in the Eth2 deposit contract, representing 58% of what's needed for the contract to launch. 

More Ethereum News

Overhyped Linkswap launch sends YFI and LINK soaring

Linkswap, a platform for automated market-making, has not been even launched, but its proprietary token YF Link (YFL) jumped by over 30% in the past 24 hours. At the time of writing, YFL is changing hands at $1,030.

More Chainlink News

OKEX withdrawals to trigger a massive volatility spike on the cryptocurrency market

OKEx, one of the world's largest cryptocurrency exchanges, is ready to unlock a cryptocurrency withdrawal functionality on November 27. The trading platform users had to wait over a month until the company settled its legal issues and the Chinese police released one of its co-founders and a private key holder. 

More Cryptocurrencies News

Bitcoin final leg to $20,000 lingers, as crypto bull cycle rockets

Cryptocurrencies across the board had a memorable weekend session, with most of them rallying to new yearly highs. Ethereum, for instance, hit highs of $585 for the first time since 2018. On the other hand, Ripple brushed shoulders with $0.5.

More Bitcoin News


Bitcoin Weekly Forecast: BTC makes new yearly highs while its network activity looks worrisome

Bitcoin has lived through the best week since February 2018. The pioneer digital currency price gained over $2,000 in less than seven days. The bullish momentum allowed it to reach a new multi-year high of nearly $18,800, marking November 2020 one of the strongest bullish months ever. 

Read the weekly forecast