Global stock market turmoil spreads to the cryptocurrency market, with Bitcoin and Ethereum under pressure

Recently, global stock markets have suffered a violent sell-off, and this storm has quickly swept into the cryptocurrency market, causing a significant impact on mainstream cryptocurrencies such as Bitcoin and Ethereum. Although the approval of the Ethereum ETF should have brought benefits, the market reaction was completely opposite. The price of Ethereum plummeted and market sentiment suddenly turned cold.

Bitcoin was not spared during the Asian trading hours, with prices retreating, falling more than 2.5% at one point and hitting recent lows. However, compared to Ethereum, Bitcoin has shown a certain degree of resilience, and its gains during the year are still considerable, demonstrating its leading position in the cryptocurrency market.

At the same time, the listing of Grayscale Ethereum ETF did not bring the expected positive effects. Instead, it suffered an outflow of more than US$800 million, and the scale of asset management shrank significantly. The incident heightened concerns about uncertainty in the cryptocurrency market.

It is worth noting that the relationship between Bitcoin and global stock markets has seen subtle changes recently, with the 30-day correlation coefficient falling to -0.20, indicating that the correlation between the two has weakened. This may mean that Bitcoin is gradually showing its characteristics as a safe-haven asset during times of market turmoil.

The pullback in Asian markets has also added more uncertainty to the cryptocurrency market. Against the backdrop of a pullback in the artificial intelligence boom, the MSCI Asia Pacific Index fell, further affecting investors' risk appetite.

To sum up, the turmoil in global stock markets has had a significant impact on the cryptocurrency market, with cryptocurrencies such as Bitcoin and Ethereum coming under pressure. However, Bitcoin’s resilience and subtle changes in its relationship with global stock markets offer a glimmer of hope for the market. In the future, the trend of the cryptocurrency market will depend on the comprehensive impact of multiple factors such as the global economic situation, market sentiment, and regulatory policies. Investors need to remain vigilant and pay close attention to market dynamics. #美国以太坊现货ETF开始交易 #比特币大会 #美国大选如何影响加密产业？ #拜登退选 #比特币行情 $BTC $ETH