Main navigation

Bitcoin Price Plummeted Right After Decline on US Stock Market, eToro’s Mati Greenspan Says

Wed, 09/25/2019 - 08:51
article image
Yuri Molchan
Chief analyst of eToro Mati Greenspan states that yesterday’s BTC plunge had seen a decline in the US stock market right before it, though BTC is not correlated with it
Bitcoin Price Plummeted Right After Decline on US Stock Market, eToro’s Mati Greenspan Says
Cover image via
Read U.TODAY on
Google News

Yesterday, the Bitcoin price plunged by over $1,000. Experts believe that this could have been caused by a poor start of physically settled BTC futures on the recently launched Bakkt. Apparently, investors saw that BTC was overvalued and started getting rid of it.

Another reason for the BTC decline was allegedly the 40-percent crash of Bitcoin hashrate that took place right before the price of the most valuable crypto crashed.

However, the Bitcoin bull Brian Kelly in his recent talk on CNBC said he believes in the long-term success of Bakkt BTC futures.

Mati Greenspan points to a ‘strange coincidence’

In a recent tweet, the chief analyst of the crypto trading platform eToro Mati Greenspan posted a chart, showing that a decline in the US stock market took place right before  yesterday’s collapse of the Bitcoin price. 

Greenspan commented on the chart:

I know it's an uncorrelated asset but this is a really strange coincidence.”

Earlier, a correlation between Bitcoin price and the traditional financial market was suggested when the trade war between the US and China broke out and the Chinese yuan dropped heavily and Bitcoin price surged

Back then, many experts suggested that Bitcoin was used as a hedge against the declining Chinese currency.

Crypto Exchange BTC-Alpha Sells Bitcoin at $3,000, Technical Issues to Blame

Investors’ sentiment remains positive

Despite the big Bitcoin price drop, crypto experts and investors remain bullish and are tweeting that they are buying BTC on the deep to get bigger profits later on.

The founder of the gamified social trading terminal Aluna.Social, has taken to Twitter to predict that this is the last time Bitcoin is trading below $10,000.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at