RATE Group | Bitcoin Safe Haven Narrative in Question After Biggest Drop in 7 Years
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Bitcoin Safe Haven Narrative in Question After Biggest Drop in 7 Years

17 Mar Bitcoin Safe Haven Narrative in Question After Biggest Drop in 7 Years

Posted at 22:36h in Bitcoin News by

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Bitcoin (BTC) price is slowly recovering, reaching $5,500, after last week’s Black Monday style market meltdown which led to Bitcoin price pulling back sharply as traditional markets suffered the third worst trading day ever. Monday’s correction was followed by major cryptocurrencies – Ether (ETH), XRP, and Bitcoin Cash (BCH) all losing 11.6%, 8.3%, and 4.2%, respectively. 

Crypto market daily price chart. Source: Coin360

The dump in crypto prices has raised further doubts over the classification or use-case of Bitcoin and cryptocurrencies at-large. Bitcoin’s safe haven argument as “digital gold” is being put in question as gold’s year-to-date returns surpassed Bitcoin and all other asset classes. 

Notable Bitcoin critic, Peter Schiff addressed the relationships between Bitcoin and traditional assets to claim its lack of value for investors:

“Bitcoin is no longer a non-correlated asset. It’s positively correlated to risk assets like equities and negatively correlated to…

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