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Top Cryptocurrencies Enter Meltdown Mode Along with Stock Market

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  • Alex Dovbnya
    📰 News

    Investors on both sides of the aisle found broken toys in their Christmas socks as the cryptocurrency market plunged in synch with global stocks

Top Cryptocurrencies Enter Meltdown Mode Along with Stock Market
Cover image via u.today
Contents

On Christmas Day, both stocks and digital currencies have experienced sizeable losses. The Dow and S&P 500 had the worst Christmas Eve ever, while Bitcoin plunged below the $4,000 support level, again.  

No Christmas present for you

The US stock market has recorded one of the worst weeks since the 2008 recession after sinking for a fourth straight session. For instance, the Dow dropped by a whopping 653 points, making this Christmas Eve historically bad for stock markets. The same goes for the S&P 500, which witnessed a 640-point drop after this Monday’s opening bell.

The uncertainty behind the border wall funding is supposedly the main reason behind the crisis with both sides of the political spectrum playing the blame game. President Donald Trump recently took to Twitter to shred the U.S. Federal Reserve.

Crypto follows suit

While it has been in the doldrums for quite a while, the sea of red after a major market uptick could be quite unexpected for those who haven’t gotten used to the volatile nature of the cryptocurrency industry. Bitcoin was the first to break the Santa Rally, plunging to almost $3,720 after the news about Bitmain’s spree hit the mainstream media. At press time, the price of the flagship currency is sitting at 3,813. Still, BTC remained the best performing currency inside the top ten, with other major altcoins recording double-digit losses.

Even XRP nosedived by 13.40 percent despite a slew of major announcements that have been recently pumping the price of the second biggest coin.

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Meanwhile, Bitcoin Cash (BCH) is the number one coin by daily losses with a sharp 21.69 drop. Notably, the Bitcoin SV fork didn’t fare much better, tanking by 16.86 percent.

Crypto follows suit


Is there a correlation?

As U.Today reported earlier, there is only an insignificant short-term correlation between the S&P 500 and Bitcoin. However, the situation could drastically change when more ‘traditional’ investors start dipping their toes in the space.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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