Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News

      The little-known company disrupting Eskom’s monopoly

      16 June 2025

      TechCentral Nexus S0E2: South Africa’s digital battlefield

      16 June 2025

      AI and the future of ICT distribution

      16 June 2025

      Beijing’s chip champions blacklisted by Taiwan

      16 June 2025

      Chief sub-editor wanted – help shape South African tech media

      16 June 2025
    • World

      Yahoo tries to make its mail service relevant again

      13 June 2025

      Qualcomm shows off new chip for AI smart glasses

      11 June 2025

      Trump tariffs to dim 2025 smartphone shipments

      4 June 2025

      Shrimp Jesus and the AI ad invasion

      4 June 2025

      Apple slams EU rules as ‘flawed and costly’ in major legal pushback

      2 June 2025
    • In-depth

      Grok promised bias-free chat. Then came the edits

      2 June 2025

      Digital fortress: We go inside JB5, Teraco’s giant new AI-ready data centre

      30 May 2025

      Sam Altman and Jony Ive’s big bet to out-Apple Apple

      22 May 2025

      South Africa unveils big state digital reform programme

      12 May 2025

      Is this the end of Google Search as we know it?

      12 May 2025
    • TCS

      TechCentral Nexus S0E1: Starlink, BEE and a new leader at Vodacom

      8 June 2025

      TCS+ | The future of mobile money, with MTN’s Kagiso Mothibi

      6 June 2025

      TCS+ | AI is more than hype: Workday execs unpack real human impact

      4 June 2025

      TCS | Sentiv, and the story behind the buyout of Altron Nexus

      3 June 2025

      TCS | Signal restored: Unpacking the Blue Label and Cell C turnaround

      28 May 2025
    • Opinion

      Beyond the box: why IT distribution depends on real partnerships

      2 June 2025

      South Africa’s next crisis? Being offline in an AI-driven world

      2 June 2025

      Digital giants boost South African news media – and get blamed for it

      29 May 2025

      Solar panic? The truth about SSEG, fines and municipal rules

      14 April 2025

      Data protection must be crypto industry’s top priority

      9 April 2025
    • Company Hubs
      • Africa Data Centres
      • AfriGIS
      • Altron Digital Business
      • Altron Document Solutions
      • Altron Group
      • Arctic Wolf
      • AvertITD
      • Braintree
      • CallMiner
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • Domains.co.za
      • ESET
      • Euphoria Telecom
      • Incredible Business
      • iONLINE
      • Iris Network Systems
      • LSD Open
      • NEC XON
      • Network Platforms
      • Next DLP
      • Ovations
      • Paracon
      • Paratus
      • Q-KON
      • SkyWire
      • Solid8 Technologies
      • Telit Cinterion
      • Tenable
      • Vertiv
      • Videri Digital
      • Wipro
      • Workday
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud services
      • Contact centres and CX
      • Cryptocurrencies
      • Education and skills
      • Electronics and hardware
      • Energy and sustainability
      • Enterprise software
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Lifestyle
      • Motoring
      • Public sector
      • Retail and e-commerce
      • Science
      • SMEs and start-ups
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » Cryptocurrencies » Bitcoin tumbles as cryptos join global asset selloff

    Bitcoin tumbles as cryptos join global asset selloff

    By Agency Staff11 October 2018
    Twitter LinkedIn Facebook WhatsApp Email Telegram Copy Link
    News Alerts
    WhatsApp

    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% to the lowest since mid-August, then pared its loss to 4.8% as of 9.30am in London. The Bloomberg Galaxy Crypto Index slid by more than 11%, in a third day of losses. Rival coins ether, XRP and litecoin also retreated at least 10%.

    “The global selloff 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.”

    Blockchain technology is the most over-hyped and least useful technology in human history and nothing better than a glorified spreadsheet or database

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

    “With the 2018 low of $5 800 being tested a number of times, our sights are set at that level for all further selloffs,” Rabaglia said.

    The biggest stock selloff since February rolled from the US through Asia on Thursday, with benchmarks across the region tumbling at least 4%, and China’s Shanghai Composite set to close at an almost four-year low. Concern about the impact of the US-China trade war, 10-year treasury yields touching a 2011 high and the Federal Reserve’s monetary tightening are all contributing to market nervousness.

    Cryptocurrencies have wiped out more than $600-billion in value from a January peak as the boom in initial coin offerings last year fades further into memory. Mainstream adoption of digital currencies has failed to materialise this year amid a series of exchange hacks and increased regulatory scrutiny.

    ‘Mother of all bubbles’

    “It is clear by now that bitcoin and other cryptocurrencies represent the mother of all bubbles,” Nouriel Roubini, chairman at Roubini Macro Associates and a professor at NYU Stern School of Business, said in prepared testimony for a US senate banking committee hearing on cryptocurrencies and blockchain scheduled for Thursday in Washington. “No asset class in human history has ever experienced such a rapid boom and total utter bust and implosion.”

    In a scathing testimony, Roubini argued the blockchain technology that underpins bitcoin and other cryptos is “the most over-hyped and least useful technology in human history” and “nothing better than a glorified spreadsheet or database”.  — Reported by Eric Lam, with assistance from Todd White, (c) 2018 Bloomberg LP



    Bitcoin top
    Subscribe to TechCentral Subscribe to TechCentral
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email Copy Link
    Previous ArticleTaxify now embedded in Google Maps in SA
    Next Article Microsoft a growing contender in PC hardware

    Related Posts

    Bitcoin smashes R2-million mark in record-breaking rally

    22 May 2025

    Trump tariffs are now slamming crypto

    7 April 2025

    How stablecoins could unlock trade in South Africa

    1 April 2025
    Company News

    Huawei Watch Fit 4 Series: smarter sensors, sharper design, stronger performance

    13 June 2025

    Change Logic and BankservAfrica set new benchmark with PayShap roll-out

    13 June 2025

    SAPHILA 2025 – transcending with purpose, connection and AI-powered vision

    13 June 2025
    Opinion

    Beyond the box: why IT distribution depends on real partnerships

    2 June 2025

    South Africa’s next crisis? Being offline in an AI-driven world

    2 June 2025

    Digital giants boost South African news media – and get blamed for it

    29 May 2025

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2025 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.