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The crypto market was slammed in Monday’s global sell-off, with bitcoin (BTC-USD) briefly trading below $50,000 and ethereum (ETH-USD) briefly seeing its biggest one-day drop since 2021. Matt Hougan, Bitwise Asset Management CIO, explains why bitcoin is so …


Bitcoin Plummets Amid Wider Market Selloff

The drop also coincides with a plunge on Wall Street: Dow Jones dropped over 2.5% on Monday—its worst loss by percentage since September 2022—to a two-month low, while the tech-heavy Nasdaq fell nearly 3% on the day and the S&P 500 fell 3%, even as the Federal Reserve indicates interest rate reductions are in store.


Bitcoin Isn’t a Stock—but It Sure Is Acting Like One

Over the past five years, there have been months when stocks and crypto have moved almost in lockstep and months when they’ve sprinted away from each other. The past 30 days have seen a gradual convergence, and maybe that will keep up for the long haul, or maybe stocks and Bitcoin will split up again.