Major cryptocurrencies crash along with global stock markets

All large cap cryptocurrencies traded down significantly overnight, with $BTC losing more than 4% and other top currencies such as $ETH, $XRP and $BCH dropping more than 10%.

(Source: OnChainFX)

 The large move corresponds with a significant selloff in global stock markets, including a 4% loss in the NASDAQ, the market's largest downward daily move in seven years.

Investors have long debated whether the cryptocurrency asset class would act as a safe harbor against a broader market decline or move in lockstep. As Bloomberg's Joe Weisenthal points out, today's price movement is a strong data point that investors will flee to less volatile alternatives than cryptocurrency in risky market conditions.