Why is the crypto market down today? By Cointelegraph
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Why is the crypto market down today?(BTC) and altcoin prices continue to fall on Oct. 11 as BTC struggles to reestablish the $19,000 level as support. The decline in crypto prices contrasts against the sharp rebound seen in equities markets where the Dow and S&P 500 have etched out respective 1.14% and 0.38% gains. The Nasdaq is nursing a minimal 3.57-point loss and still trades near its yearly low at 10,354.
Given the high correlation between crypto and equities markets, Bitcoin’s price action tends to follow the direction of the S&P 500 and the Dow, but that is not the case this week. The most likely culprit is a host of economic events occurring in mid-October, and these could be amplifying investors’ aversion to risk assets.
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Why is the crypto market down today?(BTC) and altcoin prices continue to fall on Oct. 11 as BTC struggles to reestablish the $19,000 level as support. The decline in crypto prices contrasts against the sharp rebound seen in equities markets where the Dow and S&P 500 have etched out respective 1.14% and 0.38% gains. The Nasdaq is nursing a minimal 3.57-point loss and still trades near its yearly low at 10,354.
Given the high correlation between crypto and equities markets, Bitcoin’s price action tends to follow the direction of the S&P 500 and the Dow, but that is not the case this week. The most likely culprit is a host of economic events occurring in mid-October, and these could be amplifying investors’ aversion to risk assets.
Continue Reading on Coin Telegraph
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