Bitcoin’s (BTC) failure to make a strong recovery in the past few days has resulted in profit-booking in most major altcoins, threatening to pull the total crypto market capitalization back below $2 trillion.
The United States equity markets witnessed profit-booking and the S&P 500 dropped by 1.69% last week, suggesting the development of a risk-off sentiment. Charles Edwards, CEO of investment manager Capriole, pointed out that “almost every Bitcoin correction in 2021” has corresponded with a 2% or more drop in the S&P 500.