The price of pretty much every major cryptocurrency has fallen dramatically over the last few hours. This is because yesterday U.S. stocks saw a huge sell-off; the Dow dropped over 3% and the dip extended around the globe to numerous international exchanges.
With this correction–the largest Wall Street stumble since last February–cryptocurrencies are tanking. Per Coindesk:
- Bitcoin fell more than 7% overnight, but is now down a little under 5% at $6,233.38.
- Ethereum is currently down by more than 11%, at $200.29.
- Bitcoin cash has dropped more than 12%, hitting $450.09.
- Others, like litecoin and XRP, are down over 10% as well.
While none of the cryptocurrencies are seeing all-time lows (although litecoin is getting quite close), it’s clear the market is having a negative effect on these digital coins.
Experts have warned about a correction for quite a while now, yet investors still seem surprised by what happened yesterday. World markets are now slumping, with global stocks hitting an eight-month low.
The question remains: Will the market bounce back? Or is this the beginning of something bigger? If it’s the latter, crypto-investors will have to brace themselves for some hard times.