Bitcoin steadfast amidst equity carnage

Story by:  AARON HANKIN

For the 10th consecutive session bitcoin prices are trading largely unchanged as volatility in the world’s largest digital currency continues to fall.

In Thursday trading a single bitcoin BTCUSD, -0.43%  was going for $6,429.78, down 0.5% since Wednesday at 5 p.m. Eastern Time on the Kraken exchange.

Yet, as bitcoin continues to tread water, equity markets are in turmoil. On Wednesday, major indices, including the Dow Jones Industrial AverageDJIA, +1.55%  and the S&P 500 SPX, +1.81% wiped out their gains for 2018 as global growth concerns have investors re-evaluating stock prices versus bond yields.

“This is a prime example of how crypto’s are uncorrelated and it only serves to increase their use case as a powerful tool for asset management.”

Since the spike higher on Monday, Oct. 15, bitcoin hasn’t traded above $6,500 or below $6,300.

Read: What’s more volatile than bitcoin? You may be surprised

Read: 86% of 2017 ICOs are now in the red, Ernst & Young study finds

Altcoins, the collective group of digital currencies other than bitcoin, are marginally lower Thursday. Ether, ETHUSD, -0.64% the second-largest digital currency was down 0.9% at $199.50, Bitcoin Cash BCHUSD, -0.11% was off 0.4% at $437.50, Litecoin LTCUSD, -0.63% was down 0.9% at $51.53 and XRP,XRPUSD, -0.37% was the worst-performing major altcoin, down 1.6% at 45 cents.

Bitcoin futures have had an up-and-down week to-date and that trend is continuing Thursday with both contracts giving back Wednesday’s wins. The Cboe Global Markets November contract XBTX8, -0.39% was down 0.6% at $6,375, while the CME Group October contract BTCV8, -0.54% was lower by 0.5% at $6,390.

Original story by: https://tinyurl.com/yaevnx67 

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