Major cryptocurrencies crash along with global stock markets

Cryptocurrency • October 11, 2018, 6:44AM EDT

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)

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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.

https://twitter.com/TheStalwart/status/1050323942605549569

About Author

Mike Dudas is one of the founders of The Block and was the CEO until April 2020 and a board member until April 2021. Prior to starting The Block, Mike was co-founder and CRO of Button, the leading global, mobile performance marketing platform. Mike is a builder of mobile commerce businesses, having worked at Google, Braintree/Venmo and PayPal. Early in his career, Mike worked in corporate M&A and strategy for Disney. Mike earned a BA from Stanford and an MBA from Kellogg.