Global Rout Takes Hit On Bitcoin Too; Falls 10%

Amid global rout in equities and crude oil tumbling to its lowest since 1991, there is scare across assets and among it even digital currencies including bitcoin have not been spared. In just 24 hours, the crypto token has come crashing down by as much as 10%.
In a single day, the currency has wiped away $26 billion in market capitalization.

Global Rout Takes Hit On Bitcoin Too; Falls 10%

Nonetheless, the despair in global economy augured good for the yellow metal which in global price terms scaled 7-year high and in India is on course to touch Rs. 46000 per 10 gm levels. "For those who have long term investment horizons, bitcoin is absolutely a buy during these dips," Jehan Chu, co-founder of Kenetic Capital, an investor in blockchain start-ups told CNBC.

"We can expect more of this volatility sparked by macro health and financial shocks, but ultimately long term investments in the digital future and it's key asset Bitcoin will be a winning strategy," he added.

Year to date, the currency is still up 9%.

Also, the SC has lifted the earlier ban on cryptocurrency in India. It is priced for Rs. 5.89 lakh per unit in India.

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