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Bit-comment: BTC’s Bloodbath prove it is not safe-harbour

By Friday morning, Bitcoin shows a 33% drop. “Bloodbath” in the crypto market during the last 24 hours shortly won’t allow talking about Bitcoin as a protective asset, a safe-harbour, digital gold or an instrument for diversifying the portfolio during turbulence time in the traditional market.

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However, even the current levels of decline – is rebound after the growth from $3,770 to $5,000. In the last 24 hours, Bitcoin has broken as many support levels and lows as it did during the “crypto winter”. The rest of the crypto market is also heading for the lows of that period. A blow to the image may be one of the worst effects on the crypto market. The whole world witnessed that the cryptocurrencies were broken like straw in the first blow of wind.

Such a massive collapse shows one more thing: the volume of cryptocurrencies compared to the traditional market is so small that institutional investors can also quickly turn the market upside down. It is unlikely, however, that anyone will risk assuming that cryptocurrencies are more than a speculative asset.

The FxPro Analyst Team


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