Bitcoin Slides, Optimism Evaporates On Fed’s Decision

Cryptocurrency prices slid Thursday afternoon along with major stock market indexes. Cryptocurrencies have traded more in line with other risk assets, like growth and tech stocks.

Bitcoin fell to $36,431.57, down 8.4% from Wednesday, according to Dow Jones Market Data. Ethereum fell 6.4% to $2,754.37. The most famous crypto asset tumbled the most since January as the rout in financial markets deepened in the wake of increasing concern of recession.

The largest digital currency fell as much as 11% to $35,611, the biggest intraday drop since Jan. 21. It had gained 5.3% on Wednesday. Ether slumped as much as 8.7%. Avalanche and Solana, among some of the largest gainers after the US central bank raised rates Wednesday, were down as much as 15% and 11%, respectively.