The cryptocurrency market is once again in decline, with bitcoin trading below $29,000 and Ethereum trading below $2,000. This comes on the heels of Wall Street’s recent price drops, with the major stock market indices hitting yearlong lows.
Bitcoin Moves Dipper After Wall Street
Yesterday was a very bad trading day on Wall Street, with the S&P 500, Dow Jones Industrial Average, and Nasdaq all losing significant ground. All of these major indexes have lost up to 5% in a single day, the most they have lost since the COVID-19 outbreak began.
As a result, the S&P 500 dropped to little over 3,900, the Dow sank to 31,490, and the Nasdaq Composite fell to 11,418, its lowest levels in almost a year.
When it comes to individual stocks, Target is the biggest loser, with a stunning 25% decline following the company’s announcement that its logistics had been affected due to increasing freight, payroll, and gasoline expenses.
BTC is also in the red on a daily basis, as it is considered a riskier asset. Yesterday, the cryptocurrency struggled near $30,000, temporarily rose over that level, but eventually fell below $29,000 for the first time in four days.
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