During U.S. trading hours Thursday afternoon, cryptocurrencies, particularly bitcoin, experienced a sudden plunge, reaching the lowest level since the early August market panic.
Bitcoin was trading at $57,700, down nearly 3% in a short period, while other major cryptocurrencies like ether and solana faced even steeper declines.
The selloff appears to have no clear catalyst, occurring alongside a strong performance in U.S. equity markets, which suggests a disconnect between equities and crypto.
Prior significant declines in the crypto market this summer were triggered by events such as the sale of seized bitcoins by a German entity and a rate hike by the Bank of Japan.
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