Crypto Market Plunges With Stocks Amid S&P 500 Dip

Crypto Market Plunges With Stocks Amid S&P 500 Dip
  • The crypto market has dipped alongside the stock market.
  • The combined crypto market valuation is at $1.3 trillion.
  • Meanwhile, Tesla got kicked out of the S&P 500 amid concerns of accidents and alleged racism.

The crypto market has plunged anew alongside the stock market amid the most recent dip of S&P 500 stocks.

Bitcoin has lost its footing at the $30,000 crucial support level again and is currently trading at $29,000, according to CoinGecko. Ethereum experienced the same, with its price last seen at $1,966.02.

On-chain data analysis firm Santiment noted the strong correlation between the crypto market and the stock market. In fact, Santiment observed that this has been the case all throughout 2022.

Notably, only gold seems to have a different market movement. As seen on the chart below, the gold market has been behaving differently from the crypto and stock markets until April 2022.

Price movements of BTC, S&P 500, and gold (source: Santiment)

For those who may not be following the stock market, Tesla got kicked out of the S&P 500’s ESG Index following accidents and alleged racism. In addition, the S&P 500 has dropped around 3%.

Meanwhile, the entire crypto industry has lost 3.7% of its market capitalization and is currently worth $1.3 trillion, according to CoinGecko. LUNA and UST remain the greatest losers.

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