Why crypto is melting down and stocks keep falling
Bitcoin and stocks are in a bout of volatility — and investors say more turbulence could be in store.
US stocks closed lower Tuesday, extending a recent tumble. The Dow fell 499 points, or 1.07%. The S&P 500 fell 0.83%. The tech-heavy Nasdaq Composite slid 1.21%.
The S&P 500 closed lower for the fourth day in a row, marking its longest daily losing streak since August.
Just six weeks after notching a record high above $126,000, bitcoin has plummeted more than 26%. The cryptocurrency on Tuesday afternoon traded just below $93,000, erasing all of its gains for this year.
Bitcoin late Monday had dipped below $90,000 for the first time in seven months before paring some losses early Tuesday.
Investors in recent weeks have…
