Bitcoin’s role as a “safe haven” asset in turbulent times is looking more unlikely.
Dow Jones Industrial Average closed more than 800 points lower Wednesday, its biggest loss since February, hurt by quickly rising interest rates and a rout in tech stocks.
While U.S. stock market has otherwise fared pretty well this year, government-backed currencies were dragged down by ongoing Brexit concerns in 2018, and there were growing trade tensions between the U.S., China and European Union.
Yet, the world’s largest cryptocurrency is down 55 percent since the beginning of this year and more than 67 percent since nearing the $20,000 mark in December. Regulatory crackdowns and news of hacks on global exchanges contributed to those declines.