RATE Group | Cryptocurrencies suffer $18 billion drop in value over three days
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Cryptocurrencies suffer $18 billion drop in value over three days

13 Oct Cryptocurrencies suffer $18 billion drop in value over three days

Posted at 00:33h in Bitcoin News by

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Those who have billed bitcoin as a store of value, or “digital gold,” may have been especially disappointed by its performance this week. As bitcoin tumbled, the U.S. stock market also dropped as much as 1,300 points in two days, its biggest sell-off since February.

Joe DiPasquale, CEO of cryptocurrency fund of hedge funds BitBull Capital, said the uncertainty around stocks bled into cryptocurrency markets.

“When we saw equity markets crumble, there was some fear in the cryptocurrency market as well,” he said. “I think there was an initial jolt due to larger market activity and the sell off.”

Bitcoin has been hovering between $6,000 and $8,000 since the beginning of summer. DiPasquale said more positive crypto-related news, like an investment from Yale’s endowment, or an ETF winning…

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