Global markets took a catastrophic hit yesterday, as the Nasdaq was down 4.60% and the S&P 500 was down 3.88%. Crypto suffered the most, as Bitcoin dropped over 20% to reach a low of $20,800. Ever since the crypto rally in November, in response to Bitcoin ETF Futures product being launched, crypto has been on a ruthless downtrend with little sign of relief. As we can see in the chart below, Bitcoin has correlated with the Nasdaq very tightly this year, and actually performed better up until May. When (CRYPTO: UST) and (CRYPTO: LUNA) collapsed last month, which had a combined value of around $100 billion, this commenced a downward spiral which exacerbated cryptos decline against the Nasdaq.
