Crypto trips up markets’ festive mood
There’s something about the latest crypto crash that makes it different from previous downturns.
Artur Widak | Nurphoto | Getty Images
After finishing last month on a strong note, markets stumbled into December, tripped over by the sell-off in crypto.
All three major U.S. indexes snapped their 5-day winning streaks as bitcoin, the world’s largest cryptocurrency, dropped around 6% to trade below $86,000, putting downward pressure on the stock market.
It was bitcoin’s worst day since March. The digital currency late last month fell below $90,000 for the first time since April and has since struggled to stay above that mark.
Even as odds for the Fed’s expected year-end Christmas gift of a rate cut rise, investors seem to have put crypto…
