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$243.02
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$0.20
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BTC Dominance:
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Cryptocurrency

Bitcoin Price Plunges Below $9,000 in Tandem With Stock Market

Cryptocurrency
Bitcoin Price Plunges Below $9,000 in Tandem With Stock Market

Bitcoin extended its bearish correction at the start of this week, falling briefly below $9,000 for the first time in three weeks. The stock market also opened in the red, dropping over 3%.

June 15 2020 | AtoZ Markets – Bitcoin (BTC) led the cryptocurrency market in red turbulent waters on Monday. The flagship cryptocurrency dived below $9,000 for the first time in June. The latest bearish move follows a difficult week for Bitcoin in which markets almost regained $10,000 before shedding $800 in a matter of hours on Thursday.

Bitcoin proves that its correlation with the stock market is not a passing haze

BTC 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 price was down 2.2% on the day to trade at $9,118.

Less than 2 hours, about $20 million worth of long positions have been liquidated. This according to data provided by the analysis platform, Skew.com. In addition to that, in the last 24 hours, $10 million more in long positions had been liquidated.

Bitcoin Price Plunges Below $9,000 in Tandem With Stock Market

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.

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Bitcoin price tanks 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 S&P 500 futures and Bitcoin traded in tandem with the equities towards the end of the trading on Sunday. Futures were 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.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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