Both global stock markets as well as the crypto market experienced “Black Thursday”.

After Wall Street fell sharply on Wednesday, China’s stocks saw their biggest daily fall in two and half years on Thursday ,hitting to the lowest level in nearly four years. The country’s two main benchmarks tumbled more than 5 percent on concerns about a protracted Sino-U.S. trade battle and its economic outlook.

The Shanghai Composite Index, the primary indicator of China’s stock market, slumped 5.22 percent, to close at 2,579.58. The smaller Shenzhen Component Index fell by an even-sharper 6.07% to 7,521.40. Shattered by the Wall Street and the Hong Kong markets rout, the A-share market continued to drop today , resulting in more than 1,000 stocks suffering sharp declines,according to Shanghai Daily.

The global sell-off in equities has spilled over to the crypto space. Bitcoin and other key cryptos, once seen as a “safe haven asset” that can buck mainstream market trends, fail to offer good spots for investors to hide in this global equities rout, declining even more than major equity markets from Hong Kong to New York.

Over $17 billion has been wipe off the crypto market cap as Bitcoin and other key cryptos plunged in value in a matter of a few hours. Actually, every single one of the top 50 cryptocurrencies ended in a steep cliff.Bitcoin dropped to $6236, while XRP and ETH both tanked over 8% on Thursday, according to coinmarketcap.

In fact, as more institutional investor enter the crypto space, there is now a high correlation between crypto prices and global stock market movements.It is clear by now that because cryptos have not become mainstream and basically have no fundamental value, they are more likely to be more volatile assets compared with traditional assets.

The drop comes two days after the International Monetary Fund issued a severe warning over the rapid growth of digital coins and the potential threat to the economy. “Continued rapid growth of crypto assets could create new vulnerabilities in the international financial system,”according to the IMF World Economic Outlook report.