Bitcoin and Ethereum both fell, bringing into question digital currencies’ reputation as a haven asset.
Bitcoin, the largest coin by market cap, lost 1.05% to US$24,661 over the last 24 hours, while Ethereum shed 2.82% to US$1,659.
In comparison, gold, often viewed as the traditional haven asset to invest in during tough times, reached a record high in sterling of £1,611.98 per ounce.
“There has been a decent retracement in the crypto prices today as the risk-on trade is trying to emerge again,” according to Naeem Aslam, chief investment officer at Zaye Capital Markets.
“But if you look at Bitcoin’s price in recent weeks, you can that there has been a decent run and prices have moved sharply higher, so a small bit of retracement is fine for now,” Aslam added.
However, he did warn that the market would not want to see Bitcoin’s US$25,000 level become resistant again.
Among some of the altcoins, Dogecoin fell 6% to US$0.07064, Polkadot lost 5.3% to US$6 while Litecoin also lost 6% to US$78.92.
This article has been originally published at: https://www.proactiveinvestors.co.uk/companies/news/1009240/bitcoin-does-little-to-show-it-is-a-haven-asset-in-the-wake-of-the-credit-suisse-fallout-1009240.html?SNAPI