RATE Group | Bitcoin Crashes Along With U.S. Stocks, Exposing ‘Haven’ Myth
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Bitcoin Crashes Along With U.S. Stocks, Exposing ‘Haven’ Myth

27 Feb Bitcoin Crashes Along With U.S. Stocks, Exposing ‘Haven’ Myth

Posted at 02:51h in Cryptocurrency News by

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  • Bitcoin’s price touched an intraday low of $8,620.00, its worst showing in a month.
  • The sudden drop follows a chaotic two days for U.S. stocks, as the Dow crashed almost 2,000 points over that stretch.
  • Gold has rallied in the wake of the stock-market collapse while bitcoin has languished.

Bitcoin’s price declined sharply on Wednesday, following in the footsteps of a plunging U.S. stock market and raising red flags about its safe-haven status.

Bitcoin Loses $9,000 Handle

The bitcoin price experienced a sharp reversal on Wednesday, falling more than 7% to an intaday low of $8,620.00 on Gemini. The largest cryptocurrency has trimmed some of its declines but is still sitting on a loss of 5.5%.

A failure to re-take $10,000 has exposed bitcoin to profit-taking. | Chart: TradingView

With the pullback, bitcoin has erased more than a third of its 2020 rally. The cryptocurrency topped $10,500 during the high point of its rally earlier this month. At the time, several analysts talked up…

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