The overnight market selloff in the United States was a direct result of Bitcoin’s increased association with risk assets. As a result, investors sold down shares of Target and Walmart after their warnings that they would not be able to pass on price hikes.
All three major stock indexes fell more than 4%, with the Dow Jones Industrial Average down 3.6%. For the first time since June 2020, the S&P 500 and Dow Jones Industrial Average suffered their biggest one-day losses in a row.
Following Target’s Q1 loss of roughly $25 billion in market value, its shares dropped by almost half. According to Reuters, it was the worst session for the American bargain retailer since the Black Monday crisis on October 19, 1987.
Cryptocurrency prices have plummeted during the previous 24 hours, with Bitcoin down 4.4% and Ethereum down 6.2% in market cap terms.
The price of each at the time of publication was US$29,147.89; at the time of writing, it was US$1,936.75. It was Cardano and Solana, however, that led the selloffs with losses of over 12 percent overnight before rebounding to trade at US$0.5163 and US$49.96 respectively at press time.