RATE Group | Bitcoin tumbles along with stocks amid coronavirus, questioning ‘safe haven’ theory
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Bitcoin tumbles along with stocks amid coronavirus, questioning ‘safe haven’ theory

25 Feb Bitcoin tumbles along with stocks amid coronavirus, questioning ‘safe haven’ theory

Posted at 23:01h in Bitcoin News by

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Stocks have seen two days of steep losses amid concerning new reports about the spread of coronavirus to countries like Italy, Iran, South Korea and Switzerland. The Dow Jones Industrial Average (^DJI) fell by more than 1,000 points on Monday, its worst day in two years. On Tuesday, stocks fell again, for two-day losses of more than 1,800 points.

Bitcoin and other cryptocurrencies had a brutal two days as well, calling into question a popular pitch some crypto believers push: that cryptocurrencies are a safe haven, or an asset class that offers stability and wealth preservation during periods of heightened uncertainty and market volatility.

Amid the rout in equities on Monday afternoon, bitcoin (BTC) was down by more than 3%, ether (ETH) was down 3%, XRP was down 5% and bitcoin cash (BCH) was down by nearly 7%, creating a sea of salmon-pink on our Yahoo Finance cryptocurrency heatmap, which displays the entire crypto market as a series of color-coded boxes, with the color reflecting…

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