ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Cryptocurrencies

Bitcoin falls 30%, smashing 'haven' expectations

Holders reel as cryptocurrencies fall in tandem with other asset classes

Bitcoin has fallen sharply as equity markets have tumbled (Photo by Wataru Ito) 

TOKYO -- The price of bitcoin, the world's most traded cryptocurrency, plunged 30% on Friday amid widespread market turmoil -- defying expectations from some advocates that cryptocurrencies would withstand shocks in traditional financial markets.

The selloff ended a months-long crypto rally that accelerated in January after tensions rose between Iran and the U.S., and peaked in February when the price of bitcoin surpassed an all-time high of $10,000. On Friday bitcoin was trading at around $5,000 while Ethereum, the second-most used cryptocurrency, fell as much as 49% to trade under $100.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more