The financial world: Bitcoin is not a safe-haven asset after all

According to financial sources, bitcoin has risen against the trend earlier this month when the US stock market plummeted, but it has now fallen with the stock market, falling about 14% this week, approaching $10,200. The last time Bitcoin was less than $10,000 was on August 1, and on June 26 it climbed to $13,852. Ethereum fell as much as 12% on Wednesday, and XRP fell by as much as 20% in the sudden sell-off in the afternoon. "Bitcoin has retreated most of last week's gains and is now back to the original point. This is foreseeable and reasonable," said Jeff Dorman, chief investment officer at Los Angeles asset management firm Arca. Arca invests in cryptocurrencies and other digital tokens. Supporters of Bitcoin have used the negative correlation between bitcoin and US stocks to prove that investors are using it as a safe haven. As this negative correlation weakens, this argument has not been broken this week.