Cryptocurrencies have suffered a sharp decline within an hour, with Bitcoin plunging below the $6,300 threshold, and the top altcoin Ethereum nearly touching $200.
At the same time, Dow Jones loses 1000 Pts and Nasdaq collapses 5% making it one of the ugliest days in the stock market since years.
Rumours started in the community that money are leaving the crypto market to buy the dips in the regular stock market. A couple of tweets from crypto influencers shared similar views today:
All that money is coming to crypto?
Not at all:
Nobody cares about Gold or BTC as of now. All eyes are on primary markets, including usa president. pic.twitter.com/bnvoq5CvVL
— Bitcoin, Gold, Silver & Geopolitics (@Super_Crypto) October 11, 2018
Crypto getting spanked this morning in Asia. Hearing that Japanese day traders are leading the move lower, selling crypto to pay for unexpectedly big margin calls in stocks. Question is will Bitcoin @ $6,000 hold? pic.twitter.com/L3bQDZTZFr
— Yuji Nakamura (@ynakamura56) October 11, 2018
Even Tom Lee, the guy who comes out with a price prediction every time Bitcoin pumps, is buying stocks. What happened to $25,000 BTC, Tom?
— CNBC's Fast Money (@CNBCFastMoney) October 10, 2018
A recent article on Zerohedge.com covered the loss of 1000 Pts in DOW and the 5% collapse in Nasdaq.
After the ugliest day in years, things got uglier after-hours…
Dow futures are now down 1000 points.
The S&P is testing a critical trendline
And Nasdaq futures down 5%.
This is the worst day for Nasdaq Futures since 2011