Bitcoin slips below $10K as equities sink, air comes out of DeFi boom

Bitcoin (BTC-USD) is again proving itself to be a bit too correlated with financial markets for comfort, continuing to slide right alongside stocks.

The Nasdaq 100 is down nearly 3%, with particularly favored names Tesla off 15%, and Apple lower by 5.5%.

Above $12K less than a week ago, Bitcoin is off another 4% this morning, and sitting slightly below $10K at the current time.

The carnage has been worse in the Decentralized Finance names, led by Ether (ETH-USD), down 5.5% today and about 30% since an early September peak.

Chainlink (LINK-USD) – which as of mid-August was about a 10-bagger from the start of the year – is down another 7.7% today and more than 40% from the August top.

Coindesk today takes note of the similarities between this year’s DeFi boom and 2017’s ICO bubble, but says the DeFi action – while certainly hot – never got close to the ICO frenzy.

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