In the last 24 hours, Bitcoin is the second worst-performing asset class, behind crude oil. It is currently down some -10.50 percent, at the time of writing.
Given Bitcoin’s drastic drop in the last 24 hours amid the oil price war, the leading cryptocurrency does not seem mature enough to be treated as a global hedge against uncertainty just yet.
The last 24-hour performance of major asset classes is telling on what the market thinks of the still-small cryptocurrency market. It seems that institutions and major investors have not given in to claims that Bitcoin is the ‘perfect hedge.’
At the moment where Bitcoin (BTC) should shine, it has quickly dropped along with the rest of the global market — in fact, it has fallen much worse than practically anything else today, aside from crude oil.
According to ICO Analytics (@ICO_Analytics), the losses are staggering across the board. With crude oil being down some -21 percent, Bitcoin is not far behind. Gold remains the most stable but still posted minor losses. Since this chart was first posted, Bitcoin has actually fallen further and is now down -10.50 percent on the daily.
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Anton Lucian
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.
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