Bitcoin’s plunge exposes idea of uncorrelated asset as ‘big lie’

Compared to 2018, there are more institutional investors with exposure to crypto and most see this as a buying opportunity, says Paul Veradittakit, partner at digital asset manager Pantera Capital.

The total market value of cryptocurrencies has dropped by about USD 326bn in the past seven days to roughly USD 1.33trn, according to data from CoinGecko. | Photo: Dado Ruvic/REUTERS / X02714

A selloff in cryptocurrencies resumed Monday, with Bitcoin dropping back below USD 30,000 with global equity markets remaining under pressure.

The largest cryptocurrency fell as much as 6.2% and was trading at USD 29,835 as of 4:54 pm in New York. Other tokens including Ether and Avalanche were on the back foot too. US equities fell as investors assessed the latest signs of economic malaise from the US and China.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from AMWatch

Further reading

Related articles

Latest news

AMWatch job

See all jobs

See all jobs

Watch job

See all jobs

See all jobs

Latest news from FinansWatch (dk)

Latest news from EnergyWatch

Latest news from ShippingWatch