Bitcoin Declines as ‘Sugar Rush’ From Miami Crypto Event Fades

Ether, Cardano, Avalanche, Luna outstrip Bitcoin losses
Correlation with Nasdaq 100 hits record amid rate-hike jitters

WATCH: Cryptocurrencies are caught up in the latest market selloff with many popular alternative coins including Cardano and Avalanche leading the way lower. Source: Bloomberg

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By David Pan and Joanna Ossinger

April 11, 2022 at 12:07 AM UTC

Updated on

April 11, 2022 at 7:40 PM UTC

This article is for subscribers only.

Cryptocurrency losses accelerated, with popular Defi tokens such as Cardano and Avalanche falling more than sector bellwether Bitcoin, as risk aversion sweeps through financial markets.

Bitcoin dropped as much as 7.7% to $39,796, the first time the largest cryptocurrency by market value has been below $40,000 since March 16. Ether, the second largest, was down as much as 9.5%, dipping below $3,000. Altcoin, or alternative coin, Luna was down around 11%, while Avalanche was off 13% and Cardano slumped 11%.