Bitcoin tanks as cryptocurrencies join in global market bloodbath
- Cryptocurrencies across the board are nursing big losses on Thursday as the global market sell-off hitting traditional assets spreads.
- All major crypto assets are down on Thursday, with the likes of ethereum and bitcoin cash losing more than 10% of their value.
- Bitcoin plunged more than 7% overnight, but has now recovered a little, and is trading down roughly 5%.
- You can follow all the latest cryptocurrency prices at Markets Insider.
Cryptocurrencies across the board are nursing big losses on Thursday as the global market sell-off hitting traditional assets spreads.
Bitcoin, the benchmark cryptocurrency, dropped suddenly and sharply in Asian trading overnight, losing as much as 7%, before rebounding a little.
It is now holding at a loss of around 5% on the day, trading at $6,266 per coin.
While bitcoin has led the way lower on Thursday, other major cryptocurrencies including Ether, Ripple, and bitcoin cash have witnessed even larger falls. Here's the scoreboard:
- Ether -11.2% at $200.28
- Ripple's XRP -11.5% at $0.4097
- Bitcoin cash -12.6% at $450.80
- Litecoin -10.8% at $51.79
Previously, bitcoin and other cryptocurrencies tended to rally during periods of poor performance for traditional assets like stocks, reflecting their status as something of a haven. However, in recent months that has flipped, with cryptocurrencies tending to follow traditional stock markets in their moves.