Crypto alarm clock: Bitcoin experiences worst day in months during stock market crash
Bitcoin and the rest of the crypto market turn fiery red while stocks take a historic hit. Yet there is a glimmer of hope.
Yesterday was a day to quickly forget. For Bitcoin (BTC), altcoins and the broader financial markets. Tech stocks have taken the biggest hits, but with a loss of more than 6 percent, Bitcoin is just as well on the ropes.
Investors don't know where to look after the midterm elections in the United States. Investors are concerned that the Democrats will use their majority in Congress to impose strict restrictions on AI.
And that sales wave has clearly spread to other markets.
Bitcoin had its worst day since June yesterday. The digital currency ended with a loss of 5.46 percent, but has fallen by as much as 7 percent in total.
For example, more than 114 billion dollars in market value has gone up in smoke. The huge increase from a day earlier has been completely obliterated and it is now not much of a difference if Bitcoin is at its lowest level since mid-August.
There is little to be positive about right now. The bears have dealt a sledgehammer blow, but Bitcoin is still holding above the support around $75,000.
“If the price is going to bounce, this is the area where the bulls would like to see that happen,” says analyst Colin.
Wall Street futures are showing a cautious recovery this morning, while Asian exchanges are turning bright red. At the South Korean KOSPI, a crucial index for the global AI sector, trading has even stopped after a fall of 8 percent.
To end on a positive note. There is now a bullish divergence in the chart: while Bitcoin continues to fall, the RSI (a momentum indicator) is cautiously creeping up.
At the time of writing, the BTC price is at $75,463, 6.18 percent lower than 24 hours ago. In euros, 67,399 are now paid for the largest crypto.
Justabout every coin is in a sad state at the moment. No one is spared.
Ethereum (ETH) is down 8.58 percent, Ripple (XRP) is down 8.92 percent, and Solana (SOL) is down 7.08 percent. And so there are many more coins with similar winnings.
Arbitrum (ARB) is one of the rare risers with an increase of 2.12 percent and LayerZero (ZRO) is the only one that has surrendered more than 10 percent.