{"id":224542,"date":"2018-02-10T09:20:37","date_gmt":"2018-02-10T07:20:37","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=224542"},"modified":"2018-02-10T20:24:28","modified_gmt":"2018-02-10T18:24:28","slug":"bitcoin-surges-53-to-climb-back-above-90000","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/224542\/bitcoin-surges-53-to-climb-back-above-90000\/","title":{"rendered":"Bitcoin surges 53% to climb back above $9,000"},"content":{"rendered":"
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What\u2019s supposed to be the most volatile asset in the universe is proving to be a bastion of stability compared with wild swings and carnage in global equities this week.<\/p>\n

Bitcoin clawed its way back from the four-month low\u00a0of $5,922 it touched on Tuesday, rebounding 53% to $9,069. The S&P 500 Index and the Dow Jones Industrial Average both fell more than 5% this week, wiping out gains for the year.<\/p>\n

Emerging markets stocks and currencies also plunged, while shorter maturity US Treasuries climbed as investors fled from risky assets to safe-havens.<\/p>\n

Bitcoin\u2019s supporters are quick to extol the cryptocurrency\u2019 virtues as an asset that\u2019s uncorrelated to the broader market — independent from any single country, company or central bank — which can serve as a haven in times of market turmoil.<\/p>\n

And while that turmoil can usually be found in Bitcoin prices and headlines, this week US equities are beating the largest cryptocurrency on that field.<\/p>\n

Since the drop below $6,000, Bitcoin has been on a steady climb, causing volatility measures on the digital asset to stabilize while the sell-off in the S&P 500 triggered the biggest jump on the Chicago Board Options Exchange Volatility Index ever.<\/p>\n

The \u201cdo no harm\u201d approach to cryptocurrencies taken by US regulators at a Senate hearing Tuesday sparked the rebound, while negative headlines from regulatory crackdowns in China and South Korea that have weighed on prices subsided.<\/p>\n

The 70% slump from Bitcoin\u2019s high of almost $20,000 has prompted finance heavy weights to say the crypto bubble had finally popped. Judging from price action this week at least, maybe those calls were premature.<\/p>\n

\"\"<\/a><\/p>\n

 <\/p>\n

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Read: Bitcoin: the tax question in South Africa<\/a><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

What\u2019s supposed to be the most volatile asset in the universe is proving to be a bastion of stability compared with wild swings and carnage in global equities this week.<\/p>\n","protected":false},"author":59,"featured_media":194070,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[5537],"class_list":["post-224542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-bitcoin"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/224542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=224542"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/224542\/revisions"}],"predecessor-version":[{"id":224552,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/224542\/revisions\/224552"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/194070"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=224542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=224542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=224542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}