Bitcoin, other cryptocurrencies drop amid economic storm warning (Cryptocurrency:BTC-USD)

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After perking up on Tuesday, bitcoin (BTC-USD) is threatening to drop below $30K, another sign that the world’s largest cryptocurrency doesn’t appear to be a hedge against more traditional assets.

Bitcoin (BTC-USD) is down 5.4% midday Wednesday at the same time that the three major U.S. stock averages are each down at least 1% — the Dow -1.0%, Nasdaq -1.2%, and S&P 500 -1.2%. Market volatility continued after JPMorgan CEO Jamie Dimon warned that an economic “hurricane” is approaching, citing risks from the Russian invasion of Ukraine and the Federal Reserve’s tightening cycle.

Separately, Elissa Slotkin, a representative from Michigan, has introduced a bipartisan bill to require Congressional lawmakers to disclose all of their cryptocurrency holdings and transactions and those of their spouses and dependent children, Bloomberg reported.

Other major cryptos are also wilting: Ethereum (ETH-USD) drops 5.6% to $1.86K, Binance coin (BNB-USD) -5.8%, XRP (XRP-USD) -2.4%, and Cardano (ADA-USD) -9.8%.


As has been usual, many crypto-related stocks are falling even more. MicroStrategy (NASDAQ:MSTR) -11%, Riot Blockchain (NASDAQ:RIOT) -9.4%, Marathon Digital (NASDAQ:MARA) -10%, Coinbase Global (NASDAQ:COIN) -13%.

On Tuesday, bitcoin and cardano rose amid signs that the crypto market was bottoming