Bitcoin tanks as cryptocurrencies join in global market bloodbath

Bitcoin, the benchmark cryptocurrency, dropped suddenly and sharply in Asian trading overnight, losing as much as 7%, before rebounding a little.

Cryptocurrencies across the board are nursing big losses on Thursday as the global market sell-off hitting traditional assets spreads.

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:

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.

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