The cryptocurrency сектору is still reeling from the shock of FTX, one of the once largest крипто-алмашуу, filing for bankruptcy and its CEO resigning, but Bitcoin (BTC) has another thing to fear – its correlation with equities.
Observing the activities of the S&P 500 Index and терминалдарда side by side, it becomes evident that the flagship digital asset is following the downward pattern of the биржа, ошондой эле крипто соодагери жана аналитик Джош Рагер белгиленген November 15 боюнча.
As he explained, “the biggest concern at the moment for BTC is the stock market,” as:
“Equities fall and Bitcoin continues to fall with it.”
According to Rager’s earlier tweet:
“Personally, the most лүкүлдөш case for BTC is the stock market pulling back. The majority of people/funds overleveraged involving FTX meltdown seemed to be overexposed w/ altcoins. Contagion is very real but will this actually create more sell-off on Bitcoin?… worth asking.”
Trading volume soars despite declining price
Meanwhile, the largest decentralized finance (толугу менен) asset’s trading volume has hit an eight-year high representing the highest volume in history, despite the continuous downtrend of Bitcoin’s price.
Indeed, Bitcoin was at press time changing hands at the price of $16,540, down 2.49% on the day and 5.42% across the previous week, adding up to the cumulative monthly decline of 15.46%, as per data retrieved on November 16.
After the asset breached the critical $18,000 колдоо level, fears of further corrections have given аюулар фирма near-term technical advantage, карабастан букачар working to stabilize the market.
Meanwhile, a pseudonymous crypto expert known as Мурут has estimated that Bitcoin needed to hold the level at around $15,800; otherwise, it might continue toward $13,000, as Finbold билдирди мурда.
Disclaimer: Бул сайттагы мазмун инвестициялык кеңеш катары каралбашы керек. Инвестиция - бул спекулятивдүү. Инвестициялоодо сиздин капиталыңыз тобокелге салат.
Source: https://finbold.com/stock-market-drags-bitcoin-price-further-south-will-the-trend-continue/