RATE Group | cryptocurrency: Bitcoin tumbles as cryptocurrencies join global asset selloff
45293
wp-singular,post-template-default,single,single-post,postid-45293,single-format-standard,wp-theme-bridge,wp-child-theme-bridge-child,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

cryptocurrency: Bitcoin tumbles as cryptocurrencies join global asset selloff

11 Oct cryptocurrency: Bitcoin tumbles as cryptocurrencies join global asset selloff

Posted at 15:22h in Cryptocurrency News by

[ad_1]

By Eric Lam

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

today1

“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.”

Increased institutional attention on the cryptocurrency space has led to greater correlation with traditional assets, although this trend is not expected to…

[ad_2]

Source link

Tags:
, , , , , , ,