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Even Cryptocurrencies Are Now Getting Clobbered in This Market

  • Prices tumble suddenly accross the board with risk assets
  • Budding negative correlation with S&P 500 Index evaporates
Cryptocurrency Mining As Bitcoin Slides Amid Stocks Rout
Photographer: Akos Stiller/Bloomberg
Updated on

Bitcoin is quickly losing the refuge designation bestowed by some advocates in recent weeks as the largest cryptocurrency joins the global slide in riskier assets. Smaller rivals tumbled even further.

After rallying while U.S. equities plunged earlier in the month, Bitcoin has followed stocks lower, with the digital asset tumbling about 14% this week to push it’s price to around $10,200. The token, which last traded below $10,000 on Aug. 1, had climbed as high as $13,852 on June 26.Ether slumped as much as 12% Wednesday, while XRP slumped as much as 20% in a sudden early afternoon sell-off.