RATE Group | Bitcoin No Safe Haven as Cryptocurrencies Join Global Market Selloff
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Bitcoin No Safe Haven as Cryptocurrencies Join Global Market Selloff

11 Oct Bitcoin No Safe Haven as Cryptocurrencies Join Global Market Selloff

Posted at 11:55h in Bitcoin News by

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There were no good spots for investors to hide in Thursday’s global market rout, as Bitcoin and other cryptocurrencies joined the selloff.

Bitcoin, the largest digital currency, tumbled as much as 7% to the lowest since mid-August, then pared its loss to 4.8% as of 9:30 a.m. in London, according to prices compiled by Bloomberg. The Bloomberg Galaxy Crypto Index slid by more than 11%, in a third day of losses. Rival coins Ether, XRP and Litecoin also retreated at least 10%.

“The global sell-off in equities has indeed spilled over to the crypto space,” said Ryan Rabaglia, head of trading with cryptocurrency dealing firm OSL in Hong Kong. “The days of crypto being the safe-haven play and having a high degree of detachment from the rest of the world are seemingly diminishing.”

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