Cryptocurrency
Bitcoin’s Newly Touted Haven Status Takes a Hit This Week
As reported on Bloomberg, “Bitcoin’s quickly shedding its recent designation by some advocates as a haven asset. “Arguments that the largest digital token acts as a place of shelter during market turmoil diminished this week as Bitcoin slumped amid an intense bout of equity-market selling. “Panic-induced headlines over the impact the coronavirus may have on […]
As reported on Bloomberg, “Bitcoin’s quickly shedding its recent designation by some advocates as a haven asset.
“Arguments that the largest digital token acts as a place of shelter during market turmoil diminished this week as Bitcoin slumped amid an intense bout of equity-market selling.
“Panic-induced headlines over the impact the coronavirus may have on global growth have sent the S&P 500 spiraling, with the equity index dropping more than 6% this week. At the same time, Bitcoin’s two-day decline pushed it down 3.5%. Its ability to hold steady undermined arguments from some investors that it tends to benefit as exogenous shocks, including the spread of the virus, rock global markets…”