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Bitcoin plunged on Wednesday after negative news from bank bosses prompted investors to move risky assets.

The largest cryptocurrency by market capitalization was trading at $16,813 at the time of writing, according to CoinGecko, down 1.2% over 24 hours. Earlier today, it rose from $17,046 to $16,750 in just two hours, a level not seen since late November.

The rest of the crypto market was mostly trading at a loss after recession forecasts and job cuts advertisement top banking chiefs led Wall Street traders to sell stocks: the Nasdaq 100 down 2% and the S&P 500 was on the plateau for its fourth consecutive losing day.

Digital assets have been largely correlated to US equities this year. When the Federal Reserve raised interest rates to rein in historically high inflation, investors sold off so-called risky assets, which include tech stocks, Bitcoin and other digital assets – and retreated to the perceived safety of the US dollar.

And when the Fed showed signs of easing its aggressive monetary policy, stock prices surged, (mostly) dragging the crypto market with it.

But other factors also weighed heavily on assets like Bitcoin and Ethereum: In May, crypto project Terra crashed, leading to a sharp selloff. And early last month, FTX, one of the largest digital asset exchanges, went bankrupt, ultimately scaring investors away from an already volatile market. And it’s not just Bitcoin taking a hit.

Ethereum is also down today by more than 2%, trading against $1,229. The second-largest digital asset also saw a strong sell-off earlier in the day. It is now down 74% from its all-time high of $4,878.

And among the largest cryptocurrencies by market capitalization, Dogecoin was the hardest hit today: the original “meme coin” and eighth-largest digital asset was priced at $0.095 at the time of writing, down 4.2% over 24 hours.

The cryptocurrency had been an outlier in late November and early this month, rising in value, while the rest of the market was asleep, following speculation that Elon Musk, who frequently tweets about the same room, could include in his Twitter plans.

But it is now down 6.6% over the past seven days.

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