Bitcoin is proving to be no haven asset amid the current global market meltdown. The price of the largest digital currency continued to swing wildly as the latest rout showed no signs of slowing down.
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Bitcoin slumped through $6 000 on Thursday, leading a rout of cryptocurrencies amid a wider global risk asset sell-off over the intensifying coronavirus crisis.
Cryptocurrencies are not immune to the gyrations rocking global markets, plunging along with a broad range of assets on Monday in the wake of the collapse in crude oil prices.
Arguments that the largest digital token acts as a place of shelter during market turmoil diminished this week as bitcoin slumped amid an intense bout of equity-market selling.
Cryptocurrency exchange Luno has added the ripple, or XRP, cryptocurrency to its platform in response to growing demand for so-called “altcoins”.
US banking giant JPMorgan Chase & Co is broadening its perspective on blockchain technology to show how digital money will change the financial world.
Predictions that bitcoin would collapse have not borne fruit. Despite its bubbles and crashes, the cryptocurrency is now a semi-permanent feature of the financial landscape. What it is not, however, is a generally accepted currency.
Bitcoin volatility is back to levels not seen since early November, with the bulls and bears sparring at the $10 000 price level.
The largest cryptocurrency’s recent upward momentum carried it past that psychologically significant level on Sunday for the first time since October.
Every generation or so, money goes through an evolutionary shift, and 10 years from now the fiat currencies currently in use will be regarded as relics of a bygone age, much like the fax machine.