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US indices crashed on Wednesday, following the collapse seen on the crypto market. Energy and commodity stocks were the ones that fell the most, as they were significantly affected by the decrease in commodity prices.
For instance, Coinbase Global, Marathon Digital and Riot Blockchain recorded more than 5% loss, after Bitcoin hit its lowest price since January.
Tesla also saw a decline on its stocks, after its branch in China reported a slowdown in sales.
And at its worst, Bitcoin fell over 30% overnight, slipping to $ 30,000 per coin. But by morning, it recovered around 7%.
Meanwhile, other cryptocurrencies lost double digits, partly due to the announcement of the People's Bank of China, which said that digital tokens cannot be used as a form of payment.
Indeed, stocks have slumped in recent sessions, but more expensive sectors like tech have dropped on fears of inflation and a resurgence of COVID-19.
And although policymakers reassured that they will maintain an adaptable position, traders will base their actions on the statements of the Federal Reserve.
In fact, according to Barclays Director Emmanuel Kau, market players will be on their toes, waiting for the next data on inflation and the Fed's moves towards it.
S&P 500 dropped 0.7% on Wednesday.
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