'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

TATSUYA GOTO, Nikkei staff writer

May 20, 2021 02:22 JST

Updated on May 20, 2021 05:42 JST

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.