Bitcoin and Ether in Biggest Slump Since Sept. 3 as Stock Markets Sink
Prices for both Bitcoin and Ether fell sharply in the past 24 hours, after a drop in global equities.
Updated Sep 14, 2021 at 9:58 a.m. UTC
![Bitcoin prices, Sept. 21, 2020.](https://www.coindesk.com/resizer/NBaetBnRO16QjC2D8ffKD7Unb6A=/567x276/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/XGK6B2LGEZDIFLFNQWYCNAJ52U.png)
Prices for both bitcoin and ether fell sharply in the past 24 hours, after a drop in global equities.
- The market correction in the top two cryptocurrencies came after the U.S. stock market fell to a two-month low amid new fears on the coronavirus pandemic.
- The German DAX and the U.K.'s FTSE indexes were also down by around 4% on the day. The Hang Seng Index began the week with a 2% decline.
- "Throughout 2020, we have consistently seen a strong correlation between crypto markets and traditional financial markets, and the crypto market’s response to the 2.2% drop in Dow Jones futures this morning has reaffirmed this correlation," according to a note from Glassnode Monday.
- The crypto data site warned investors to keep an eye on the stock market for further impact.
- Meanwhile, Deribit, the world's largest exchange for bitcoin options, was suffering from “partially degraded service,” as the exchange recorded high latency on the website as of press time.
![ETH prices](https://www.coindesk.com/resizer/E0y3s8WVQ1knMsGjomfStANeOo4=/560x283/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MR6MP3WKKNDO7E426WM4GQAH2E.png)