Bitcoin price stays mostly steady despite global market plunge
The cryptocurrency is looking strangely stable in recent days
Your support helps us to tell the story
This election is still a dead heat, according to most polls. In a fight with such wafer-thin margins, we need reporters on the ground talking to the people Trump and Harris are courting. Your support allows us to keep sending journalists to the story.
The Independent is trusted by 27 million Americans from across the entire political spectrum every month. Unlike many other quality news outlets, we choose not to lock you out of our reporting and analysis with paywalls. But quality journalism must still be paid for.
Help us keep bring these critical stories to light. Your support makes all the difference.
The price of bitcoin and other cryptocurrencies is mostly remaining stable, despite major moves in the broader financial markets.
Bitcoin doesn't always track the global markets, and can be sent both up and down by developments in the broader financial industry. But any period of stability in cryptocurrency is remarkable, let alone one amid a dramatic correction in the global stock and debt markets.
Bitcoin has gained 0.26 per cent over the last day, and has been mostly flat in recent days. The same pattern has been seen in other major cryptocurrencies, like ethereum and ripple.
And in the last few days, bitcoin has even gained, despite concerns about the broader financial markets. The cryptocurrency plunge of recent weeks seemed to come to an end on 6 February, and the price has been slowly but consistently climbing since then.
Outside of cryptocurrency, financial markets are being haunted by a major correction that could signal something more permanent. Stock markets across markets including in the US and Asia have rapidly plunged, falling from record heights achieved in recent months.
Financial analysts regard corrections as a normal event but say the latest unusually abrupt plunge might have been triggered by a combination of events that rattled investors. Those include worries about a potential rise in U.S. inflation or interest rates and whether budget disputes in Washington might lead to another government shutdown.
"Markets are down again today, maybe unnerved by fears that the U.S. Senate will not pass a budget bill in time to avoid a U.S. government shutdown," said Rob Carnell of ING in a report. "With financial markets vulnerable at the moment, this was not great timing for such political brinksmanship."
Additional reporting by agencies
We’ve teamed up with cryptocurrency trading platform eToro. Click here to get the latest Bitcoin rates and start trading. Cryptocurrencies are a highly volatile unregulated investment product. No EU investor protection. 75% of retail investor accounts lose money when trading CFDs.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments