Share

Bitcoin plunges through $6 000 as crypto rout worsens

accreditation

Bitcoin plunged on Thursday, at one point sinking through $6 000 for the first time since May as a sell-off in cryptocurrencies became a rout amid wider market turmoil sparked by the coronavirus pandemic.

The largest digital currency at one point tumbled to $5 705.31, though the move eased slightly to trade down 23% at $6 068 as of 7:37 am in New York, according to Bloomberg pricing. The wider Bloomberg Galaxy Crypto Index slumped 25%, with Ether, XRP and Litecoin also plunging.

Losing support

The wild moves come as stock gauges globally slide into bear markets and credit cracks on fears the spreading virus will cause a significant economic downturn. The retreat threatens to undermine the argument from many of its advocates that Bitcoin can be a haven in times of turmoil.

“Investors are moving out of any risky assets,” said Vijay Ayyar, Singapore-based head of business development at crypto exchange Luno. “Even though Bitcoin is compared to gold as a safe haven asset, it’s very under-penetrated and is considered more as a risky asset to hold at this point.”

Wild ride

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.00
-0.5%
Rand - Pound
23.95
-0.3%
Rand - Euro
20.51
-0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.5%
Platinum
895.30
-0.2%
Palladium
991.47
-1.0%
Gold
2,196.11
+0.1%
Silver
24.46
-0.8%
Brent Crude
86.09
-0.2%
Top 40
67,818
+0.2%
All Share
74,028
+0.2%
Resource 10
56,225
+1.0%
Industrial 25
103,464
+0.2%
Financial 15
16,455
-0.4%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders