Cryptocurrencies
Bitcoin Plunges the Most Since January; Altcoins Extend Losses
- Slide pushes token to lower end of recent trading range
- Correlation with U.S. equities remains near record high
This article is for subscribers only.
Bitcoin tumbled the most since January as the rout in financial markets deepened in the wake of increasing concern of recession.
The largest digital currency fell as much as 11% to $35,611, the biggest intraday drop since Jan. 21. It had gained 5.3% on Wednesday. Ether slumped as much as 8.7%. Avalanche and Solana, among some of the largest gainers after the U.S. central bank raised rates Wednesday, were down as much as 15% and 11%, respectively.