RATE Group | Bitcoin Slump Casts Doubt Safe-Haven Status; Set for 40% Drop This Week By Investing.com
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Bitcoin Slump Casts Doubt Safe-Haven Status; Set for 40% Drop This Week By Investing.com

13 Mar Bitcoin Slump Casts Doubt Safe-Haven Status; Set for 40% Drop This Week By Investing.com

Posted at 17:49h in Cryptocurrency News by

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© Reuters. Bitcoin Dips Below 5,188.3 Level, Down 17%

By Yasin Ebrahim 

Investing.com – The selloff on Wall Street this week has not been limited to stocks, with bitcoin swinging to a 12-month low Friday, before paring some its gains, as investors scramble from crypto assets as the coronavirus continues spread.

fell 15.7% to $5,176, after hitting a session low of $4,000. The popular crypto is down about 40% for the week so far and down about 70% from its all-time high of $19,870.62 set on Dec. 17, 2017.

The plunge has cast further doubt on the claims that bitcoin functions as a safe haven in times of market turmoil.

“The narrative that BTC is a ‘safety asset’ and is more like a ‘digital gold’ has yet to get proper traction in mainstream markets outside of the crypto community,” said Ben Sebley, partner at BCB Group, a cryptocurrency brokerage.

Some, however, continue to back lofty targets for the popular crypto, forecasting a sharp…

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