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    Home » Crypto News » Wall Street’s Brief Dive Takes Bitcoin Price Below $9,900

    Wall Street’s Brief Dive Takes Bitcoin Price Below $9,900

    Author: George Georgiev

    Last Updated Sep 4, 2020 @ 15:24

    Global stocks tanked following today’s market open, taking Bitcoin’s price below $9,900 on Binance.

    It seems that the pressure continues on global markets as major US indices such as the S&P 500, Nasdaq, and the Dow Jones Industrial Average, all took a nosedive following the market’s open today.

    Bitcoin continues to correlate with stocks and also dived to a low of $9,875 on Binance. The prices have since recovered but overall sentiment remains shaky.

    Bitcoin Dives Below $9,900

    There are no boring days in the cryptocurrency market. In less than 48 hours, Bitcoin’s price tanked by almost $1,800, at the time of this writing.

    Minutes ago, BTC tanked below $9,900 and reached a low of $9,875 on the world’s leading exchange, Binance.

    However, the price has since recovered and is currently trading at around $10,250, still down almost 15% for the past couple of days.

    ADVERTISEMENT

    Despite the immediate recovery, $10,000 remains the most important support level to consider right now. As CryptoPotato reported, though, a drop below $10K would likely send BTC into the oversold region of the daily RSI for the first time since the huge Coronavirus-induced crash back in March. This could send a serious buy signal to traders and trigger a lot of bots, that could, in theory, help reverse the trend.

    The entire cryptocurrency market is bleeding out as the capitalization continues to shrink, currently sitting at $333 billion. All the top 10 altcoins are underwater with Polkadot’s native DOT token losing 21% of its value in the last 24 hours alone.

    crypto_overview_1
    Cryptocurrency Market Heatmap. Source: Coin360.com

    Wall Street Leads the Way

    Global stock markets have been leading the way for Bitcoin over the past couple of days as the crypto asset decouples from gold and silver.

    Today was no different. Come opening hours, major stock indices such as the S&P 500, Nasdaq 100, and the Dow Jones Industrial Average all tanked in a fashion much similar to BTC.

    btc_sp500_nasdaq
    Bitcoin, S&P500, Nasdaq 100. Source: TradingView

    Moreover, they also recovered in the exact same way, making the correlation particularly obvious.

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    Tags: Bitcoin (BTC) Price Polkadot Wall Street
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    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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