20% drop in the S&P 500 puts stocks in a bear market, Bitcoin and altcoins follow

Whoever coined the phrase “sell in May and go away” had brilliant insight and the performance of crypto and stock markets over the past three weeks has shown that the expression still rings true.

May 20 has seen a pan selloff across all asset classes, leaving traders with few options to escape the carnage as inflation concerns and rising interest rates continue to dominate the headlines.

BTC/USDT 1-day chart. Source: TradingView
put/call ratio on open interest and volume. Source: Delphi Digital
Performance of the major indices on May 20. Source: Yahoo Finance
Daily cryptocurrency market performance. Source: Coin360