Bitcoin for the first time remains calm amid the collapse of the US stock market
The US stock market on October 24 experienced a sharp decline, which was preceded by a prolonged fall in the S & P 500 index: the Dow Jones index fell by 600 points and launched the fall in NASDAQ, and then in the Asian stock markets. Shares of some companies fell by 20% from peak values, capitalization fell by $ 600 billion, which made American stock analysts say about the beginning of a panic. And for the first time, Bitcoin did not react to the decline in the major stock indices, although the rate of cryptocurrency No. 1 synchronously followed the stock market so far.
Analytical agency Sifr Data, which tracks the correlation between various cryptoactive assets and fiat money, was the first to announce the unexpected stability of Bitcoin. This led some analysts to assume that, amid a falling stock market, investors preferred to withdraw funds to a stable cryptocurrency. If this thesis is confirmed, the next drop in the US stock market may be accompanied by a movement of capital not into government bonds, but into digital assets, which will give a powerful impetus to the crypto-industry as a whole.