Crypto Takes a Tumble as the U.S. Stock Market Drops $1.2 Trillion in a Single Day

…more than the Entire Cryptocurrency Market Cap

Today, 27th of August the cryptocurrency market has seen a considerable retracement back to support levels with Bitcoin currently trading at $20,190 and Ethereum at $1,501.

The sudden dip in the price coincides perfectly with the NYSE opening time, which creates a direct link between the Cryptocurrency market and the Stock Market. The cryptocurrency market has been been slowly but surely aligning itself with macro trends, however this is probably one of the clearest examples of just how closely corelated the two markets are. Let’s take a look at the timestamp and the events that happened on the stock market in more detail.

The Stock Market Dip & Influence Over the Crypto Market

Dow Jones, the S&P 500 and the Nasdaq Composite all closed at -3.0%, -3.3% and -4.0% respectively.

This is the lowest the Dow has been this year, with a performance of -11% so far this year. Furthermore, the S&P 500 closing down 3.4% on the day, has hit its lowest levels since late July. Overall, the U.S. stock market lost more value than the entire market cap of Bitcoin and altcoins combined — around $1.2 Trillion.