If you think the euro fall or metals decline today is bad, this is really something else
Before cryptocurrencies became so prominent, a day like this you would see headlines everywhere on the EUR and Euro area yields taking a plunge. If not, you would see headlines on metals being routed and commodities mostly in decline. But we are where we are today, and those declines pale very much in comparison to the crypto-world.
The EUR is down 0.45% against the USD and the Bloomberg commodity index is down more than 0.8% on the day - the commodities drop is mainly led by a fall in metals; even gold is also seen falling 0.51% so far today.
But Bitcoin at one point has fallen by more than 18% today, and other popular cryptocurrencies are seeing even heavier declines. Ripple for example, is down by more than 23% on the day. Meanwhile, Ethereum is currently down by more than 16%.
It really puts things into perspective if you are looking at percentage swings across asset classes. While commodities are known to fluctuate sometimes by 4-5% in a day, this is truly something else.
Bitcoin at one point fell to a low of $11,200 today - and was on course for its biggest one day loss in over three years - but prices have recovered a little and it is now closing back in on $12,000. But that would still be a drop of over 13% would you believe it.
It's been a rough day for cryptocurrencies in general as Bitcoin's decline fail to inspire confidence in other virtual currencies as well. The top 100 cryptocurrencies by market share based on CoinMarketCap are all showing declines over the past 24 hours. Maybe rough is an understatement.
Keep calm and "hodl" on - one of the key trading mantras of every cryptocurrency investor.
