2018-10-26 17:59 |
Digital assets deviated from established behavior patterns on Thursday as a global stock market selloff failed to create a significant impact on the crypto market. During Asian trade, Bitcoin, Ethereum and Ripple’s XRP remained slightly low-key but didn’t experience a catastrophic fall that they experienced during the previous stock declines. Previously more than $18 billion was wiped off the market value of cryptocurrencies following a stock market correction.
Holding Up Against ExpectationsAlthough there was a mild slump in cryptocurrencies, the market remained isolated from the global securities markets. During afternoon trading hours in the Asia markets, Bitcoin fell by only 0.23% percent to reach $6,484. Ethereum’s value declined by 1.38%, and XRP lost 2.09%, according to CoinMarketCap data. The steadiness of cryptocurrencies came as a surprise to many as the market bled profusely last time when there was a major stock market selloff.
On October 11, when the previous stock market sell-off occurred, Bitcoin’s value fell by over 4% while Ethereum and Ripple’s XRP fell by 11% each during Asian trading hours. In just three days, the crypto markets, already going through a prolonged bear phase, lost $18 billion in market value.
BitBull Capital’s CEO Joe DiPasquale said at the time:
“When we saw equity markets crumble, there was some fear in the cryptocurrency market as well. I think there was an initial jolt due to larger market activity and the sell-off.”
Is Cryptos Uncorrelated With Stocks a Good Thing?When cryptos fell along with the stock market on October 11, the International Monetary Fund released a report that said:
“Continued rapid growth of crypto assets could create new vulnerabilities in the international financial system.”
In the context of this information, is it correct to believe that digital currencies are now largely impermeable when it comes to a stock market crisis? If yes, then investors who hedge with gold may also choose to hedge with digital currencies.
Cryptocurrency Markets Remain Unimpacted From Global Stock Market Sell Off was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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