Cryptocurrency
Even Cryptocurrencies Are Now Getting Clobbered In This Market
As reported by Bloomberg, “Bitcoin is quickly losing the refuge designation bestowed by some advocates in recent weeks as the largest cryptocurrency joins the global slide in riskier assets. Smaller rivals tumbled even further. “After rallying while U.S. equities plunged earlier in the month, Bitcoin has followed stocks lower, with the digital asset tumbling about 14% this […]
As reported by Bloomberg, “Bitcoin is quickly losing the refuge designation bestowed by some advocates in recent weeks as the largest cryptocurrency joins the global slide in riskier assets. Smaller rivals tumbled even further.
“After rallying while U.S. equities plunged earlier in the month, Bitcoin has followed stocks lower, with the digital asset tumbling about 14% this week to push it’s price to around $10,200. The token, which last traded below $10,000 on Aug. 1, had climbed as high as $13,852 on June 26.Ether slumped as much as 12% Wednesday, while XRP slumped as much as 20% in a sudden early afternoon sell-off.
“’Predictably and rationally, Bitcoin gave back much of last week’s gains, and now sits right back where we started,’ said Jeff Dorman, chief investment officer of Arca, a Los Angeles-based asset manager that invests in cryptocurrencies and other digital tokens.
“Advocates had been pointing to the increased negative correlation with U.S. equities as proof that investors were turning to Bitcoin as a haven. That narrative is unraveling this week as the inverse relationship erodes.”
Continue to read the full story on Bloomberg.
Track the current price of Bitcoin, Ethereum, Ripple and altcoins here.