The cryptocurrencies remain largely stable on Thursday despite the strong global stock market declines. During the Asian session, the Bitcoin fell by 0.23% to about 6,484 USD, while the Ripple (XRP) lost 2.09% of its value, and Ether dropped by 1.38% Bitcoin usually performs better that other cryptocrrencies during decreases.
The robust performance of cryptocurrencies currently contrasts with the past, when during a stronger sell-off on capital markets they collapsed with same pace.
On October 11, the Bitcoin reported a 4% drop in price, while Ripple and Ether dropped by about 11%.
Then, for three days, the cryptocurrencies lost 18 billion USD from their market valuation, while global markets suffered from the withdrawal of investors.
Joe DiPasquale, the chief executive officer of the BitBull Capital hedge fund, commented at the beginning of the month that uncertainty about the shares was transferred to the cryptocurrencies.
“When we saw the capital markets to collapse, the fear was shifting to the cryptocurrencies”, said Joe DiPasquale. According to him, the greater activity leads to bigger sales.
The stronger depreciation of digital money on October 11 coincided with the publication of an International Monetary Fund report that the continued rapid growth of cryptocurrencies could create a vulnerability in the international financial system.
The cryptocurrencies have wiped out over 600 billion USD since the beginning of the year.