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![\"bitcoin](\"https:\/\/mybroadband.co.za\/news\/wp-content\/uploads\/2020\/03\/bitcoin-crashes-below-6000.jpg\")
<\/a><\/p>\nBitcoin 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.<\/p>\n
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 a.m. in New York, according to Bloomberg pricing.<\/p>\n
The wider Bloomberg Galaxy Crypto Index slumped 25%, with Ether, XRP and Litecoin also plunging.<\/p>\n
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.<\/p>\n
The retreat threatens to undermine the argument from many of its advocates that Bitcoin can be a haven in times of turmoil.<\/p>\n
\u201cInvestors are moving out of any risky assets,\u201d said Vijay Ayyar, Singapore-based head of business development at crypto exchange Luno.<\/p>\n
\u201cEven though Bitcoin is compared to gold as a safe haven asset, it\u2019s very under-penetrated and is considered more as a risky asset to hold at this point.\u201d Bitcoin plunged on Thursday, at one point sinking through $6,000 for the first time since May.<\/p>\n","protected":false},"author":341034,"featured_media":252401,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44696],"tags":[187,191,42992],"class_list":["post-342419","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-cryptocurrency","tag-luno"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/342419"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=342419"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/342419\/revisions"}],"predecessor-version":[{"id":342423,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/342419\/revisions\/342423"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/252401"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=342419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=342419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=342419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n<\/a><\/p>\nNow read: EOH CEO responds to allegations from company insiders<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"