Cryptocurrencies were not immune to Thursday's coronavirus-related selloff.
Cryptocurrencies were not immune to the coronavirus-related selloff on Wall Street on Thursday, as the price of bitcoin plummeted 26%, its worst daily selloff in seven years.
Despite a widely held belief that crypto investments are a good hedge against stock market investments, it appears digital currencies are just as vulnerable to the current uncertainty surrounding the coronavirus pandemic and the resulting economic damage it will cause. On Thursday, the S&P 500 SPX, -9.51% and Nasdaq Composite COMP, -9.43% joined the Dow Jones Industrial Average DJIA, -9.98% in bear-market territory, commonly defined as a decline of at least 20% from a recent peak.
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