Bitcoin’s Plunge Exposes Idea of Uncorrelated Asset as ‘Big Lie’

A selloff in cryptocurrencies resumed Monday, with Bitcoin dropping back below $30,000 with global equity markets remaining under pressure.

The largest cryptocurrency fell as much as 5.6% and was trading at $29,653 as of 10:12 a.m. in New York. Other tokens including Ether and Avalanche were on the back foot too. U.S. equities fluctuated near recent lows as investors assessed the latest signs of economic malaise from the US and China.

Overall, however, digital-asset markets were still calmer compared with the worst of last week’s turmoil over a collapsed stablecoin. The broader crypto market has returned to tracking other risk …