Crypto And Stock Market Panic Sets In

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Last Updated on 23 February 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Bitcoin lost more than $12k since Sunday as the crypto market and tech stocks suffered a major selloff. Whereas yesterday afternoon’s drop was still manageable, by this morning major European stock markets, crypto markets and US futures are all sharply down.

At the time of writing, Bitcoin is trading near $48k on CoinMarketCap. Other top ten cryptos are some 20% down in what is seen as major capitulation.

Advertentie.

Yellen and regulators

The saying goes that you should never try to catch a falling knife and thus traders seem worried as to when the fall on the crypto markets, which started Monday morning and continued with US Treasury Secretary Janet Yellen’s comments in the afternoon that indicated her department could demand regulatory overview over crypto markets, would stop.

At the time of writing, Ethereum and Litecoin are both down 20%, Binance Coin 21% and XRP 24%. Chainlink saw an even greater loss at 26%. One of the biggest losers is Zilliqa which dropped over 30%.

There are almost no winners, except for NEM and some lesser known coins.

On social media, many crypto fans claimed they would buy the dip whilst others will have a nasty surprise waiting for them when they wake up in the US this afternoon.

Nasdaq and European stock markets

The tech-laden Nasdaq pushed European stock markets down yesterday and it seemed as if the tech bubble which everyone had been warning about for weeks was ready to pop yesterday. In the end the losses were subdued and the Nasdaq ended down only 2.46%.

The industry-heavy Dow Jones meanwhile ended the session flat.

Over in Europe Tuesday’s session saw greater losses. The Dutch AEX was down 1.80% at the time of writing and Germany’s Dax 1.20%. France’s CAC seemed to stem the losses at this point and was only down 0.20%.