- 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
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.
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