Bitcoin was immune to overnight volatility in global markets

0
45



China Rain Bitcoin was immune to overnight volatility in global markets Bitcoin was immune to overnight volatility in global markets china rain chinafotopress gettyimages 4832789701
People shelter against
rain in Hangzhou.

ChinaFotoPress/Getty
Images


Despite increased volatility across global markets last night,
the world’s biggest cryptocurrencies stayed clear of the drama.

Escalating tensions between the US and North
Korea have
rattled major assets classes this week.

Overnight, US stocks snapped out of their recent calm streak,
falling by 1% as bond yields rallied and money moved into safe
haven fiat currencies such as the Japanese yen.

But while that was happening, the price of Bitcoin (the world’s
biggest cryptocurrency) was little changed.

In fact, it edged higher and a short time ago was trading around
its recent record high above $US3,440.


BTC today Bitcoin was immune to overnight volatility in global markets Bitcoin was immune to overnight volatility in global markets btc todayInvesting.com

Across the board, there was relatively little movement among the
world’s biggest cryptocurrencies by market capitalisation
(calculated as the number of coins on issue multiplied by their
individual value).

Bitcoin off-shoot Bitcoin Cash didn’t fare so well, falling by
almost 10% to $US275 as
users reported problems trying to sell their coins.

Bitcoin Cash was set up last week following
a split of the currency,
 as a group of
Bitcoin developers created a separate version in an effort to
speed up transaction volumes.

But Ethereum, the world’s second biggest cryptocurrency, also
experienced minimal volatility.

The price of an ether token, which trade on the Ethereum
blockchain network, was holding steady at just below $US300 after
hitting a high of $US308.08 overnight.

Although cryptocurrencies can be subject to wild swings in value,
the pricing moves overnight suggest that they have little
correlation to traditional market moves.

The table below shows the latest valuations of the world’s 10
biggest cryptocurrencies.

Aside from Bitcoin Cash, the latest price moves to the downside
were relatively muted (and for Neo, China’s first open-source
blockchain, the opposite was true — it had a big night):

Here’s the list (via coinmarketcap.com):


CMC Bitcoin was immune to overnight volatility in global markets Bitcoin was immune to overnight volatility in global markets cmccoinmarketcap.com



Publish Date

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.