Stocks just entered a correction - but bitcoin is still doing much worse
Russell Boyce/Reuters
- US stocks have dipped 10% since peaking on January 26, an official correction.
- Cryptocurrencies like Bitcoin have fared even worse during that same time period.
The US stock market is officially in a correction, defined as a 10% decline from its most recent high.
The benchmark S&P 500 closed 10.4% below its record high on January 26. Bitcoin has fared much worse during that same time period.
In fact, it's down nearly 28% since US markets began their slide in late January, according to data from CoinDesk. That includes a rebound during most of this week. At last check, it was trading at 8,298.
Bitcoin, the largest cryptocurrency by market capitalization, has had a tough start to the year following news of a regulatory clampdown in South Korea and declining trading volumes.
The total capitalization of the market for digital coins has shed over $170 billion since January 26.
Bitcoin has not been the only coin to experience a rout worse than the stock market:
- Ethereum: $800, -$270, (-25%)
- Litecoin: $146, -$25, (-18.4%)
- Bitcoin Cash: $1,336, -$320, (-20%)
As US equities, this is the fourth correction for the index since the bull market began in March 2009, according to Bespoke Investment Group.
Stocks have been on a slide since January 26. But selling pressure ramped up this week, worsened by technical factors including the implosion of trading strategies that had bet on low volatility.
The Bitcoin 101 Report by the BI Intelligence Research Team.
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