Categories: Bitcoin

Crypto Market Loses Nearly $16 Billion amid DJI and Nasdaq Slump


All top ten cryptocurrencies and stocks from Dow Jones, S&P 500 and Nasdaq, are in the red on Thursday.

A Deadly Crypto Dive

The price of significant cryptocurrencies dived with nearly $16 billion of value being swept out in a matter of three hours.

Source: CoinGecko

At the time of this writing, Bitcoin and the other three stock indexes can be established in the chart above. It is the second time this year since February when the crypto market is falling in line with the stock market. The last week’s downside in the stock market was the time when funds were moving into Bitcoin. Before that, Bitcoin was showing stability in value as per the general crypto volatility standards around the same time stock market indexes were trending sideways.

The latest drop in crypto and the stock market has created opportunities for short-term investors. Typically, a fund manager who has distributed his risks across a portfolio comprising both mainstream and crypto assets should either sit ideal for a potential reversal, cross-sell from weak assets to strong assets, or just exit its position on a heavy loss. One might see some upside moves in the less-controlled crypto market which could generate higher near-term profits thanks to the volatility. Also, because the market is open 24/7, unlike the Dow Jones, S&P 500 and Nasdaq.

Featured Image from Shutterstock. Charts from TradingView.

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