Bitcoin Up As $3.3T Leave Stock Market Amid Fiat Currency Slump

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by Arun Shrivastav

$3.3 trillion USD have been wiped out of the U.S. stock market in September. The global financial world is in a complete tailspin with tens of trillions of dollars of value eroding from the markets.

Stocks and currencies have been battered and inflation has been stubbornly high throughout major economies. For example, inflation touched 10% in Germany in September. While interest rates are being raised, the UK, Japan, and China have announced interventions to strengthen their sinking currencies.  

However, for the 7 days ending September 27, bitcoin has risen 6.5%. It has been largely stable not only throughout September but also from the July 1 level when it closed at $19,266 levels. 

While so much upheaval was going on in the financial world, bitcoin remained “relatively calm” in complete defiance of its image as a volatile asset.  

“You know we’ve reached a unique time in history when #Bitcoin suddenly is less volatile than fiat currencies,” The New York Times quoted Sven Henrich, the founder of markets research firm NorthmanTrader as tweeting. 

On the currency front, the strengthening dollar has left rival currencies in disarray. The British pound fell 5.6% during the period and briefly tested a record low of $1.0327 on September 24. 

Stocks and commodity prices took a massive beating in the face of the surging dollar. 

The Q2 ended on a curious note for stocks and currency markets. The S&P 500 hit the lowest for the year, falling 5.3% for the quarter and 9.3% for September. The broad-based large-cap index dropped almost 25% year to date. The small-cap stocks have performed even worse, with the Russell 2000 finishing 2.5% down for the quarter and 9.7% for September.

The overall fall since the beginning of the year is 26%, a contributor said in an article on Nasdaq’s site.   

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