fbpx
Money

Cryptocurrencies Stay Steady Despite Global Stock Market Sell-Off

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.”

This story originally appeared on CNBC. Image courtesy of Shutterstock.

Join The Discussion

700,000 Sign UK Petition To Stop Brexit And Stay In EU
700,000 Sign UK Petition To Stop Brexit And Stay In EU
New Zealand Begins Funerals For Mosque Shooting Victims
New Zealand Begins Funerals For Mosque Shooting Victims [Video]
Over 1,000 Feared Dead After Cyclone Idai Hits Mozambique
Over 1,000 Feared Dead After Cyclone Idai Hits Mozambique [Video]
Flash Floods, Earthquake In Indonesia Kill Dozens
Flash Floods, Earthquake In Indonesia Kill Dozens [Video]
Why Africa Continues To Lag Behind In Cryptocurrency Adoption
Why Africa Continues To Lag Behind In Cryptocurrency Adoption
Paris Blockchain Week Summit
Paris Blockchain Week Summit [Podcast]
Where The Funds Go On Crypto Exchanges And OTC Desks
Where The Funds Go On Crypto Exchanges And OTC Desks
Why Most Educated People Fail To Understand Bitcoin
Why Most Educated People Fail To Understand Bitcoin
Social Media Platforms Going Dark Should Be A Wake Up Call
Social Media Platforms Going Dark Should Be A Wake Up Call
Why You Shouldn't Put All Your Focus On Only One Social Media Network
Why You Shouldn’t Put All Your Focus On Only One Social Media Network
The Videos Your Customers Want To See On Social Media
The Videos Your Customers Want To See On Social Media? [Infographic]
5 Ways To “Trick” The Facebook Algorithm For More Engagement
5 Ways To “Trick” The Facebook Algorithm For More Engagement
10 LinkedIn Mistakes You Don't Realize You're Making
10 LinkedIn Mistakes You Don’t Realize You’re Making
Which Social Media Platform Should Your Business Use In 2019
Which Social Media Platform Should Your Business Use In 2019? [Infographic]
Snapchat To Launch Gaming Platform Next Month
Snapchat To Launch Gaming Platform Next Month
How Long Should A YouTube Video Be
How Long Should A YouTube Video Be? [Video]
6 Hottest Cannabis Products In 2019
6 Hottest Cannabis Products In 2019
10 Easy Ways To Be Healthier In 2019
10 Easy Ways To Be Healthier In 2019
9 Questions To Ask Your Network To Help You Find Your Path
9 Questions To Ask Your Network To Help You Find Your Path
What Is Your Therapist Listening For
What Is Your Therapist Listening For?
700,000 Sign UK Petition To Stop Brexit And Stay In EU
700,000 Sign UK Petition To Stop Brexit And Stay In EU
New Zealand Begins Funerals For Mosque Shooting Victims
New Zealand Begins Funerals For Mosque Shooting Victims [Video]
Apple Announces New iPad Air And iPad Mini
Apple Announces New iPad Air And iPad Mini [Video]
Over 1,000 Feared Dead After Cyclone Idai Hits Mozambique
Over 1,000 Feared Dead After Cyclone Idai Hits Mozambique [Video]