Bitcoin prices on Friday were slumping, on track for the steepest slide in three weeks, with the decline in the world’s No. 1 crypto coming in tandem with a retreat in the stock market.
Crypto assets aren’t meant to be correlated to traditional asset, but increasingly a stumble in risk has coincided with shifts in sentiment around digital assets.
At last check, bitcoin prices
BTCUSD,
were down more than 6% on Friday, changing hands at $35,412.47 on CoinDesk. The world’s No. 2 crypto, Ether
ETHUSD,
on the Ethereum blockchain, was down over 7%, at $2,160.65.
Declines for both Ether and bitcoin would be about the worst daily slumps since late May.
The global crypto market was down 6%, according to CoinMarketCap.com.
The declines in digital assets come as the Dow Jones Industrial Average
DJIA,
was down more than 400 points, or 1.2%, the S&P 500 index
SPX,
was sinking 0.9%, aiming to avoid its first close below its 50-day moving average since March 8, while the Nasdaq Composite Index
COMP,
was trading 0.7% lower after earlier this week registering its first all-time closing high since April 26.