Cryptocurrencies held up by and
large on Thursday, despite a rout
in global stock markets.
In the afternoon of Asia hours, bitcoin had fallen by 0.23
percent to around $6,484, while XRP saw losses
of 2.09 percent and ethereum
shed 1.38 percent, according to data from Coinmarketcap.com. It's not unusual
to see bitcoin lead other digital tokens lower.
The steady performance among
cryptocurrencies contrasted sharply with the last time there was a major
market stock sell-off.
On October 11, bitcoin fell more
than 4 percent, while both XRP and ethereum plunged more than 11 percent during
Asia trading hours alone, according to data from Coinmarketcap.com.
Back then, over the course of three
days, cryptocurrencies as an asset class saw $18
billion of their value wiped out as global markets tumbled.
Joe DiPasquale, CEO of
cryptocurrency fund of hedge funds BitBull Capital, said then that the
uncertainty around stocks bled into cryptocurrency markets.
"When we saw equity markets
crumble, there was some fear in the cryptocurrency market as well," he
said. "I think there was an initial jolt due to larger market activity and
the sell off."
That move on October 11 also
coincided with the release of a report
by the International Monetary Fund, where it said "continued
rapid growth of crypto assets could create new vulnerabilities in the
international financial system."
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