Recent tension between the US and North Korea has played its part on the global market, rattling some of the major asset classes. However, not being pegged, or controlled by any centralized force, Bitcoin was totally unaffected by the news.
Overnight US stocks took a big tumble, leaving their calm waters and falling by one percent. Stocks in the UK and Europe were also down by more than one percent.
Rock steady and rising
The very nature of Bitcoin and part of its appeal is that it does not feel volatility spikes caused by real world tension and worry. Building tension between nuclear superpowers spooks many assets and stocks but has had little effect on Bitcoin as its value actually rose slightly while traditional markets fell.
While the tension drove stocks down a percent, a large move for such steady assets, Bitcoin was trading around its new record high of $3,400.
Not just a Bitcoin thing
In fact, all digital currencies continued to rise and fall for their own reasons, totally oblivious to what is happening globally.
Bitcoin Cash was the biggest faller in the world’s biggest cryptocurrencies, but that more had to do with users reporting difficulty in selling it as the dump of this hard forked coin continues.
Ethereum, the second biggest currency by Market Cap, also felt little volatility as it remained above $300.
Different swings and roundabouts
Cryptocurrencies are famous for their volatility, but the non-correlation between the global market slipping and cryptocurrencies mostly staying up shows that these decentralized forms of currency won’t be affected like traditional assets.
by CoinTelegraph