Bitcoin cratered on Thursday as a major stock sell-off in the U.S. spooked the cryptocurrency market.
Around $129 billion of value was wiped off the cryptocurrency market in a 24-hour period as of 4:03 a.m. ET, according to data from CoinMarketCap.on Thursday, marking its worst single-day drop since 2020.fell nearly 5%. Bitcoin has remained correlated to equity markets with the cryptocurrency falling or rising in tandem with stocks.
"Overall, global markets have been spooked by growth fears as we can see. The Dow had its worst drop since 2020, and all related risky-based assets followed suit including crypto," Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, told CNBC.
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