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Bitcoin

Here’s How Much Bitcoin (BTC) Can Correct In Case of Choppy Week Ahead

by Miki 09/20/2021
by Miki 09/20/2021 0 comment

As the overall crypto space enters a deeper correction, nearly $250 billion have been eroded from the overall crypto space. Bitcoin (BTC) alone has contributed to over $90 billion in investor wealth erosion.

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As of press time, Bitcoin (BTC) is trading 7.5% down at a price of $43,841 and a market cap of $819 billion. Some analysts have been saying that the contagion from China Evergrande Group led to a correction in the global market following a correction in the crypto market.

Following the meeting of the Federal Reserve this week, the global market is likely to remain choppy. Thus, we can estimate a fair bit of volatility and further correction in the crypto space. Speaking to Bloomberg, Jonas Luethy, a sales trader at GlobalBlock, the U.K.-based digital asset broker, said:

“Some have attributed the sudden dip to the currently ongoing Evergrande situation in China which has already caused turmoil in traditional markets. Analysts have suggested a choppy week is ahead, with a potential pullback to as low as US$41,000.”

Bitcoin’s Correlation With Traditional Stock Indices

The BTC performance has been often correlated with the traditional stock indices like the S&P 500 and the Nasdaq 100 as the world’s largest cryptocurrency continues to get more integrated with the global financial markets. As shown in the below charts, Bitcoin’s correlation with the tech-heavy Nasdaq has been consistently positive since theMarch 2020 crash.

Courtesy: Bloomberg

However, going ahead, investors must be prepared for volatility. Scott Bauer, chief executive officer at Prosper Trading Academy, believes that the news coming out of China can be negative for the crypto space. He further added:

“On a day like today, where you have the perfect storm, I think people just go to, ‘What can I sell quickest? What do I have access to at 2 in the morning? If they’re holding crypto, which is obviously an around-the-clock market, maybe that’s the first place they look”.

On the other hand, El Salvador jumped in to buy the Bitcoin dip. The country added another 150 Bitcoin to its treasury and now holds 700 BTC in total.

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The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
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    • Ripple
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    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

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      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

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