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Crypto was once touted as a ‘safe haven’ asset – why did it crash too this week?
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this post was submitted on 08 Aug 2024
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Because the people who touted it as a safe haven were the same ones selling it
Crypto started as a currency, but is treated like an investment. It's no wonder then it follows the direction of all investments.
Monero is actually used as a day-to-day currency, which is why when Bitcoin and other currencies fall, Monero falls some, but not to nearly the same extent. As an example, the other day, Bitcoin fell 17% in one day, where Monero fell 6%. That has a lot to do with the velocity of money and the fact that Monero changes hands frequently and so it's price stays more stable.