What's 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. Bitcoin clawed its way back from the four-month low of $5,922 it touched on Tuesday, rebounding 53 percent to $9,069. The S&P 500 Index and the Dow Jones Industrial Average both fell more than 5 percent this week, wiping out gains for the year. Emerging markets stocks and currencies also plunged, while shorter maturity U.S. Treasuries climbed as investors fled from risky assets to safe-havens.Bitcoin's supporters are quick to extol the cryptocurrency' virtues as an asset that's 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. Judging from price action this week at least, maybe those calls were premature.

Source: Economic Times February 11, 2018 04:30 UTC