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 Update
Bitcoin (BTC) briefly lost support at $20,000 overnight through September 14 after high inflation in the US sent risky assets tumbling.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData 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.
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 Update
Bitcoin (BTC) briefly lost support at $20,000 overnight through September 14 after high inflation in the US sent risky assets tumbling.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData 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.
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...
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