In today's market update, LMAX Group strategist Joel Kruger said that if the poor performance of U.S. stocks evolves into a broader correction, cryptocurrencies could fall further. "Right now, we believe the biggest risk to crypto assets is that the US stock market is heavily overbought and may be on the verge of crashing. This correlation is by no means absolute, but there is evidence that a sharp stock market correction could weigh on crypto assets, at least temporarily," the analysts said. By midday in New York, the Nasdaq was down 1.8 percent and the S & P 500 was down 0.9 percent, the data showed. Bitcoin, which had earlier climbed above $59,000 on U.S. inflation news, is now down 0.6 percent to around $57,500.