Bitcoins $10,000 Sudden Drop

Well yesterday we saw a sudden 6% decline as we were trading close to that $10,000 resistance.

So what happened? Well the stock market sold off. Global equities across the board cratered and investors moved into traditional safe havens like bonds. Crypto is still a risk asset so it sold off as well.

BTC initially showed resilience by holding above $9,700 during the Asian and European trading hours. However, the sell-off in U.S. equities was too so volatile that crypto market traders followed suit.

To put it into perspective

The Dow Jones Industrial Average (DJIA) fell by 1,800 points on Thursday, reviving memories of multiple 1000 point drops seen during the first half of March.

These charts are starting to look pretty similar. The real question is stocks are seeing most of the losses erased this morning, but BTC is not seeing the same.