RATE Group | Thought bitcoin was the new safe-haven asset? Think again | News
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Thought bitcoin was the new safe-haven asset? Think again | News

12 Mar Thought bitcoin was the new safe-haven asset? Think again | News

Posted at 18:19h in Cryptocurrency News by

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Bitcoin plummeted on Thursday amid wild volatility in cryptocurrency markets, with traders citing a sell-off across assets as fears of the economic damage from the coronavirus pandemic take hold.

The biggest cryptocurrency slumped as much as 25 percent during morning trading before clawing back some of its losses. It was last down 22 percent at $6,206, heading for its biggest daily loss in five years.

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Bitcoin has lost more than 30 percent of its value in the last five days, outpacing sharp losses for assets from stocks to oil as the pandemic wreaks havoc on the daily life of millions.

“We’ve seen derisking across all asset markets,” said Jamie Farquhar, portfolio manager at London-based crypto firm NKB. “Bitcoin is certainly not immune to that.”

Global stocks plunged into a bear market and oil slumped on Thursday after United States President Donald Trump banned travel from Europe to stem the coronavirus.

The highly infectious disease is spreading rapidly in Europe and…

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