ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

'Cryptocrash' sparks broad stock sell-off after Chinese crackdown

Trading platforms seize up as bitcoin falls to half of all-time high

Bitcoin hit an all-time high of $64,801 in April before descending into a free fall in recent weeks.   © Reuters

NEW YORK -- U.S. stocks took a wild ride on Wednesday, setting up a potentially volatile day in Asian trading after China's regulatory crackdown on cryptocurrencies erased billions of dollars from the value of bitcoin and other digital money.

The Dow Jones Industrial Average fell by as much as 580 points, or 1.7%, in a broad sell-off in early trading, but narrowed its losses to close at a 0.48% decline. The S&P 500 dropped 0.29%, while the Nasdaq was little changed.

Sponsored Content

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

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

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