In a sign of just how powerful a pull digital currency markets are having on traditional value markets, securities on the S&P 500 plummeted 4.1%, representing the index’s largest one-day fall since August 2011. S&P Futures prices were off another 6% in after-hours trading with European index futures all sharply lower.
The dramatic sell-off in securities markets follows a nearly week-long mauling of the digital currency markets in which Bitcoin has tumbled 63% from its January highs and Ethereum is 56% lower than its $1432.88 high reached in the middle of the previous month. Other blockchain assets have fared similarly.
Despite market pundits attributing the stock market sell-off to activities in the U.S. bond markets, the correlation between digital currency prices and securities prices is a much more precise one.
“All the punters have lost their money … it’s a knock-on effect [of the crypto losses],” a City stockbroker in London told The Currency Journal Tuesday morning. “It’s all very exciting!”
Futereum Value Miners Return
Futereum products FUTR and FUTX were value mining their smart contracts at all-time lows Tuesday, at $5.54. At the current Ethereum price of $630, Futereum are the same cost at Level 3 than they were during Level 1 at the point at which they were introduced to market a month ago.
Some value miners were taking advantage of the cheap prices as FUTR’s smart contract has began to see more ETH submissions again in the last 24 hours.
If the market rebounds to its former levels, by Level 3 value miners will make approximately 360% gains on an increase of just over 100% in the price of Ether. Elsewhere on Futerex Exchange FUTR was being offered at 0.01 BTC / FUTR, around $6.47 / FUTR, while FUTX smart contracts were 0.05 BTC / FUTX, or $32. FUTX contracts tend to sell for higher prices in times of rising market conditions due to the more limited supply of FUTX tokens combined with the shorter-cycle mining periods entailed in level-crosses, indicating that a bottom may be reached for digital asset sell-offs even as securities markets begin to enter into the red.