On the morning of September 27, bitcoin, the largest cryptocurrency by market capitalization, unexpectedly added about $1,300, pushing the price to $20,300. In the evening of the same day, the price fell by 5.48% in less than an hour.
The major cryptocurrency then set an intraday low of $18,935 on the Bitstamp exchange, shedding all of its profits from the day.
So far, it seems that experts’ words about the disappearance of the correlation between cryptocurrencies and stocks are not being tested in practice.
Bitcoin fell 4.47% in September, while July’s loss was 13.5%. As of Tuesday evening, BTC was down about 72.28% from its all-time high set last fall.