Back then, over the course of three days, cryptocurrencies as an asset class saw $18 billion of their value wiped out as global markets tumbled.
Joe DiPasquale, CEO of cryptocurrency fund of hedge funds BitBull Capital, said then that the uncertainty around stocks bled into cryptocurrency markets.
“When we saw equity markets crumble, there was some fear in the cryptocurrency market as well,” he said. “I think there was an initial jolt due to larger market activity and the sell off.”
That move on October 11 also coincided with the release of a report by the International Monetary Fund, where it said “continued rapid growth of crypto assets could create new vulnerabilities in the international financial system.”
— CNBC’s Kate Rooney contributed to this report.