BTC Price Clings to $20,000 as US Stocks Lose the Equivalent of 4 Bitcoin Market Caps
$1.6 trillion US stock market losses put pressure on crypto markets, price action of BTC coming full circle to linger near $20,000.
Market UpdateBitcoin (BTC) briefly lost support at $20,000 overnight through September 14 after high inflation in the US sent risky assets tumbling.
Markets Lose Big in Attempt to 'Fight the Fed'Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it hit a low of $19,870 on Bitstamp, its worst since Sept. 9.
The move came amid a rout in equities triggered by consumer price index (CPI) inflation data for August that beat expectations.
While still lower than in July, the market had been hoping for a quicker cooling in inflation more broadly and thus the possibility of a quicker easing of Federal Reserve policy. p>
With that prospect now looking dim, stock indices haemorrhaged in value, with Apple losing $154 billion, the sixth-largest daily loss in US stock market history.
Tuesday's technology sale was particularly costly for Apple. The world's most valuable composition lost $154 billion in market value - an annihilation that ranks among the 10 worst single-day market value losses in US stock market history, according to BBG. That's more than the mkt cap of about 90% of S&P 500 comps. pic.twitter.com/M32soxmDPn
— Holger Zschaepitz (@Schuldensuehner) September 13, 2022"The markets had been desperately trying to spin a bull c...
$1.6 trillion US stock market losses put pressure on crypto markets, price action of BTC coming full circle to linger near $20,000.
Market UpdateBitcoin (BTC) briefly lost support at $20,000 overnight through September 14 after high inflation in the US sent risky assets tumbling.
Markets Lose Big in Attempt to 'Fight the Fed'Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it hit a low of $19,870 on Bitstamp, its worst since Sept. 9.
The move came amid a rout in equities triggered by consumer price index (CPI) inflation data for August that beat expectations.
While still lower than in July, the market had been hoping for a quicker cooling in inflation more broadly and thus the possibility of a quicker easing of Federal Reserve policy. p>
With that prospect now looking dim, stock indices haemorrhaged in value, with Apple losing $154 billion, the sixth-largest daily loss in US stock market history.
Tuesday's technology sale was particularly costly for Apple. The world's most valuable composition lost $154 billion in market value - an annihilation that ranks among the 10 worst single-day market value losses in US stock market history, according to BBG. That's more than the mkt cap of about 90% of S&P 500 comps. pic.twitter.com/M32soxmDPn
— Holger Zschaepitz (@Schuldensuehner) September 13, 2022"The markets had been desperately trying to spin a bull c...
What's Your Reaction?