Markets Right Now: Market slide coincides with bitcoin fall

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NEW YORK (AP) -- The turmoil in global stock markets has echoes with what's been going on with bitcoin, the hugely volatile virtual currency, which rose exponentially to around $20,000 last year before a precipitous slump.
Many in the markets think assets like bitcoin are introducing a layer of uncertainty that has contributed to the retreat in stocks.
On Monday, bitcoin slid from around $11,500 to below $7,000, while the Dow Jones industrial average fell by a record 1,175 points.
According to James Hughes, chief market analyst at AXI Trader, the Dow Jones "was trying to do its best Bitcoin impression."
Bitcoin was under pressure again Tuesday, trading 5.9 percent lower at $6,509.
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There are signs of a reprieve in the global market sell-off.
Futures markets are pointing to a steady opening on Wall Street, with Dow futures and the broader S&P 500 futures down 0.2 percent and up 0.4 percent, respectively.
Hopes that Tuesday won't see a repeat of the previous day's selling on Wall Street has helped European stock markets clamber off earlier lows. The FTSE 100 index of leading British shares was down 1.8 percent, while Germany's DAX was 1.9 percent lower -- both indexes are higher than where they started the session.
Chris Beauchamp, chief market analyst at IG, said it's the "speed of the correction, not its size," that has proven the "real shock, particularly to a market inured to low volatility."