Cryptocurrencies
Breaking News: Wall Street sell-off is drowning Bitcoin and cryptocurrencies. What's happening?
Cryptocurrencies
Breaking News: Wall Street sell-off is drowning Bitcoin and cryptocurrencies. What's happening?
By Artur Goniec (Argonaut) Last updated Dec 30, 2024 2 min read 70,453
Zonda 420
The Nasdaq and S&P 500 are down almost 2% and 1.7%, respectively, on the day before New Year's Eve. The sell-off in stock markets has put downward pressure on cryptocurrencies. Bitcoin has retreated to $91k, and data from Friday, December 27, shows that exchange-traded funds (ETFs) have sold almost $300 million worth of BTC, almost completely erasing the positive net inflows from Thursday, December 26. What scared the market?
A difficult period
Although the sentiment on the US market in 2024 was exceptionally optimistic, and at the end of the settlement period, investors decide to take profits and optimize taxes. This, combined with the activity of hedge funds 'hunting' for more difficult market circumstances, is probably the main reason for the declines in indices and the correction of Bitcoin, which is currently losing almost 20% from peaks of nearly USD 109 thousand. The CBOE VIX fear index increased by 15% today.
