The selloff in the digital-asset space accelerated Thursday, with losses in US equities also snowballing, a day after the Federal Reserve raised interest rates by the most in decades.
Ether, down as much as 8.3% on Thursday to trade around $1,080, is facing a tougher road than most. The native token for the Ethereum blockchain is on pace to decline for a 10th straight day, the longest losing streak in Bloomberg records back to February 2018. It has lost about 40% since the start of June alone.
Bitcoin, meanwhile, held up relatively better, though it still shed 4.2% at one point during the session. Many investors say the largest cryptocurrency by market value often serves a place of refuge for crypto investors during volatile periods.
“Bitcoin has proven its resilience time and again,” LMAX Group Chief Executive Officer David Mercer said at the Bloomberg New York office. “This is an asset that has been around 14 years now and it’s been through various cycles.” Still, he added that “...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...