Bitcoin (BTC) hit new weekly lows into Sept. 28 as risk asset drawdown continued overnight.
The change of direction came in lockstep with stocks, which turned red after initially heading marginally higher at the Wall Street open.
The S&P 500 and Nasdaq Composite Index ultimately finished the day down 0.25% and up 0.25%, respectively.
Crypto, however, failed to recoup its losses, and while hopes were for Q4 to bring about a more solid recovery, traders were betting on the pain continuing first.
In comments, he added that he was “expecting bullish Q4. But first new lows.”