{"id":93777,"date":"2018-10-11T16:41:49","date_gmt":"2018-10-11T16:41:49","guid":{"rendered":"http:\/\/www.bnreport.com\/bitcoin-tumbles-as-cryptocurrencies-join-global-asset-selloff\/"},"modified":"2018-10-11T16:41:49","modified_gmt":"2018-10-11T16:41:49","slug":"bitcoin-tumbles-as-cryptocurrencies-join-global-asset-selloff","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/bitcoin-tumbles-as-cryptocurrencies-join-global-asset-selloff\/","title":{"rendered":"Bitcoin tumbles as cryptocurrencies join global asset selloff"},"content":{"rendered":"

By Eric Lam<\/strong><\/p>\n

There were no good spots for investors to hide in Thursdays global market rout, as Bitcoin<\/a> and other cryptocurrencies joined the selloff. <\/p>\n

Bitcoin, the largest digital currency, tumbled as much as 7 per cent to the lowest since mid-August, then pared its loss to 4.8 per cent as of 9:30 a.m. in London, according to prices compiled by Bloomberg. The Bloomberg Galaxy Crypto Index slid by more than 11 per cent, in a third day of losses. Rival coins Ether, XRP and Litecoin also retreated at least 10 per cent. <\/p>\n

\u201cThe global sell-off in equities has indeed spilled over to the crypto space,\u201d said Ryan Rabaglia, head of trading with cryptocurrency<\/a> dealing firm OSL in Hong Kong. \u201cThe days of crypto being the safe-haven play and having a high degree of detachment from the rest of the world are seemingly diminishing.\u201d <\/p>\n

Increased institutional attention on the cryptocurrency space has led to greater correlation with traditional assets, although this trend is not expected to last, he said. <\/p>\n

\u201cWith the 2018 low of $5,800 being tested a number of times, our sights are set at that level for all further sell-offs,\u201d Rabaglia said. <\/p>\n

The biggest stock sell-off since February rolled from the US through Asia Thursday, with benchmarks across the region tumbling at least 4 per cent, and Chinas Shanghai Composite set to close at an almost four-year low. Concern about the impact of the US-China trade war, 10-year Treasury yields touching a 2011 high and the Federal Reserves monetary tightening are all contributing to market nervousness. <\/p>\n

Cryptocurrencies have wiped out more than $600 billion in value from a January peak as the boom in initial coin offerings last year fades further into memory. Mainstream adoption of digital currencies has failed to materialize this year amid a series of exchange hacks and increased regulatory scrutiny. <\/p>\n

\u201cIt is clear by now that Bitcoin and other cryptocurrencies represent the mother of all bubbles,\u201d Nouriel Roubini, chairman at Roubini Macro Associates and a professor at NYU Stern School of Business, said in prepared testimony for a US Senate Banking Committee hearing on cryptocurrencies and blockchain scheduled Thursday in Washington. \u201cNo asset class in human history has ever experienced such a rapid boom and total utter bust and implosion.\u201d <\/p>\n

In a scathing testimony, Roubini argued the blockchain technology that underpins Bitcoin and other cryptos is \u201cthe most over-hyped and least useful technology in human history\u201d and \u201cnothing better than a glorified spreadsheet or database. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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By Eric Lam<\/p>\n

There were no good spots for investors to hide ..<\/p>\n","protected":false},"author":1,"featured_media":93778,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-93777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nBitcoin tumbles as cryptocurrencies join global asset selloff - Business News Report<\/title>\n<meta name=\"description\" content=\"By Eric Lam There were no good spots for investors to hide ..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/bitcoin-tumbles-as-cryptocurrencies-join-global-asset-selloff\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin tumbles as cryptocurrencies join global asset selloff - 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