Traditional Markets Nosedive, Following Bitcoin’s Own Slump Below $7k

The Dow Jones Industrial Average dropped more than 1,100 points Monday, Feb. 5 to its lowest point since 2011, while Bitcoin (BTC) also dipped below $7000 for the first time since November.

The market dive took place around 2:40 pm EST, with reported trading volume at almost double the 30-day average, according to Bloomberg.

Dow Jones

While CNBC reported that no “particular piece of news” caused the market to fall, an unfounded fear about rising interest rates could have been a factor, although government bonds were actually lower today.

The S&P 500 Index also went down 4.1 percent, losing its January gain.

S&P 500

The crypto market experienced a similar sharp decline, with 98 out of the top 100 coins listed on CoinMarketCap in the red at press time.

The decline in the crypto market could be attributed to China’s ban of foreign crypto exchanges and ICO websites reported earlier today

Read Full: Traditional Markets Nosedive, Following Bitcoin’s Own Slump Below $7k