As the US stock market renewed its sell-off today, the crypto market erased gains made earlier this Friday, dropping for the third day in a row while Bitcoin (BTC) miners sold less BTC. (Updated at 15:33 UTC: updates throughout the entire text.)
US stock market indices DOW 30, S&P 500 dropped by around 2%, while NASDAQ decreased by 4% (15:14 UTC). US employers added 1.4m jobs in August, sending the unemployment rate down to 8.4%, or more than estimated, according to The Financial Times. However, the biggest US tech shares extended their tumble as traders looked past a better-than-forecast jobs report to focus on concerns about excessive valuations for some of this year’s best performers, Bloomberg reported.
The crypto market once again followed stocks, sending the total market capitalization to USD 333.9bn, down from USD 346bn, reached earlier today.
BTC and S&P correlation chart:
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