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.