Is Bitcoin Correlated to Stocks? Cryptocurrency Drops as Much as 10%
Posted on 09/21/2021
The price of bitcoin (BTC) dropped sharply on September 20, 2021. This BTC sell-off appears to be prompted by investors selling-off risk assets amid a global equity decline precipitated by China’s Evergrande woes and possible QE pullback in Western countries. Bitcoin lost as much as 10% on Monday morning. At September 21, 2021 6:54 AM UTC, BTC was priced at US$ 42,849.80 vs. a US$ 52,656 high back on September 6, 2021. The second-biggest token Ether was trading below US$ 3,000. About US$ 1.4 billion of cryptocurrency liquidations occurred in the past 24 hours, according to data from Bybt.com. However for 2021, Bitcoin is up more than 40%.
Between 2018 and 2020, BTC showed correlation with the world’s largest stock index – S&P 500 index.
BTG Pactual
On another note, BTG Pactual plans to launch a platform for blockchain-based investments. BTG Pactual’s crypto unit is called Mynt. In April 2021, BTG Pactual launched a bitcoin fund.