Experts in the financial market and the crypto industry foresee a major stock market correction unfolding in the short term. Given the high correlation of Bitcoin (BTC) with stocks observed in the past three months, there is a strong possibility that Bitcoin could follow suit.
The United States stock market has seen extreme volatility after the Dow Jones Industrial Average dropped by around 7% on June 11, led by double-digit drops of airline stocks. A confluence of three factors is seemingly triggering sizable volatility in the stock market: uncertainty around the COVID-19 pandemic, institutions moving to cash and bonds over stocks, and major geopolitical risks.