Bitcoin

Stocks just entered a correction — but bitcoin is still doing much worse



trader trading floor phone
A
trader from BGC, a global brokerage company in London’s Canary
Wharf financial centre reacts during trading June 24, 2016 after
Britain voted to leave the European Union in the EU BREXIT
referendum.

Russell
Boyce/Reuters


  • US stocks have dipped 10% since peaking on January 26,
    an official correction. 
  • Cryptocurrencies like Bitcoin have fared even worse
    during that same time period. 

 

The US stock
market is officially in a correction
, defined as a 10%
decline from its most recent high.

The benchmark S&P 500 closed 10.4% below its record
high on January 26. Bitcoin has fared much worse during that same
time period.

In fact, it’s down 
nearly 28% since US markets
began their slide in late January, according to data from
CoinDesk. That includes a rebound during most of this week. At
last check, it was trading at 8,298. 

Bitcoin, the largest cryptocurrency by market capitalization, has
had a tough start to the year following news of a regulatory
clampdown in South Korea and declining trading volumes.

The total
capitalization of the market for digital coins has shed
over $170 billion since January 26. 

Bitcoin has not been the only coin to experience a rout worse
than the stock market:

  • Ethereum: $800, -$270, (-25%)
  • Litecoin: $146, -$25, (-18.4%)
  • Bitcoin Cash: $1,336, -$320, (-20%)

As for US equities, this is the fourth correction for the
index since the bull market began in March 2009, according
to Bespoke Investment Group

Stocks have been on a slide since January 26. But selling
pressure ramped up this week, worsened by technical factors
including the implosion of trading strategies that had bet on

low volatility
.





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