Cryptocurrency investors are still very concerned about the movement of the equities market post-Labor Day, as there have been periods when both equities and cryptocurrencies sold off alongside each other.
The 90-day correlation between Bitcoin (BTC) and the S&P 500 reached an all-time high during the COVID-related market crash in March, investors frantically sold all their risk-on assets for cash. This correlation reverted in the six months that followed. In September, the correlation steepened again.
Nasdaq Composite Index plunged 4.1% overnight. Tesla, in particular, plunged 21%. Just as we saw a heavy drop at the opening of the equities market also caused the price of BTC to decline to as low as $9,850, as per OKEx's BTC Index price. BTC is currently trading just below $10,235. However, as the equity market continues to pull back, BTC remains above its low