Bitcoin is trading lower at midday Tuesday as North American market activity resumed slowly following the Labour Day holiday.
The cryptocurrency’s price sat at $46,655.00, down $4,055.00, around 12 noon Eastern Daylight Time.
Bitcoin’s nosedive came ahead of El Salvador’s slated full adoption of the digital currency later in the day.
Tuesday's volatility had not been seen since July, when China began a regulatory crackdown on coin miners. As the price dropped, dozens of social media accounts reported difficulty connecting with leading cryptocurrency exchanges, including Coinbase.
Gold and oil fall; Tesla and Apple gain
Gold also took a hit. October futures fell nearly 2% and dropped below $1,800 per ounce.
The Dow Jones Industrial Average was down 0.78%, or $274.77, at $35,094.32 – a slight improvement from a 300-point decline earlier in the day. Meanwhile, the S&P 500 bore a more modest (0.39%) decline, sitting at $4,517.69. Nasdaq barely felt any impact, sitting down a marginal 0.2% at $15,365.13.
While indices were experiencing a lull, some stocks gained. Tesla was up more than 2% – and maintained its upward trend in early afternoon trading. Apple rose more than 1.5% increase after a leading analyst forecast further gains.
“Apple remains a top tech name to own,” wrote Daniel Ives of Wedbush Securities in a recent research note.
Ives said Apple remains his top large-cap pick as he continues to be “very bullish” on technology stocks heading for the rest of the year. The analyst said Apple’s one-two punch of a massive services business and high upcoming iPhone production could give the company a $3trn value in the next six to 12 months. He maintained an outperform rating and $185 share-price target for the company.
While Tesla’s and Apple’s share prices were up, rival Microsoft’s was down 0.25% at the midday mark.