Bitcoin steadfast amidst equity carnage


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 stability in the crypto market has proponents—not for the first time—championing the case for the nascent technology in a traditional portfolio. “The fact that the current stock market rout has not had any effect whatsoever (positive or negative) on the cryptoassets is an extremely positive sign,” wrote Mati Greenspan, senior market analyst at eToro.

“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

BTC/USD courtesy of TradingView

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.

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