The Nasdaq Composite had its worst drop since June 2020, closing Thursday down 4.99% the day after the U.S. Federal Reserve announced the sharpest interest rate hike since 2000.
See related article: Bitcoin flirts with US$40K as Fed stamps highest rate hike in 22 years
Fast facts
- The cryptocurrency market joined the selloff, losing over 6% of its total capitalization overnight in Asia.
- Total cryptocurrency market cap was measured at US$1.766 trillion at press time, according to CoinGecko data.
- All major tokens were also down, wiping out any gains made yesterday; Bitcoin lost almost 8% and Ethereum over 6%, to be trading at US$36,536 and US$2,748 respectively.
- U.S. 10-year yields also rose to 3.035% — the highest mark since 2018 — a metric that is often inversely correlated to the strength of broader markets.
- Bitcoin has become strongly correlated with traditional markets in recent months, as more traditional markets investors’ funds have connected to digital assets.
See related article: Bitcoin’s 30-day performance shows it’s not just another tech stock
