AMWatch

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.

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