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Bitcoin price has fallen down 23% today. Alongside, the whole crypto space has been affected in a similar way as coronavirus gets declared a global pandemic
Bitcoin price has shed over 23% to trade below $6,000 today. With Bitcoin being the mother of all crypto assets, all other digital assets have significantly lost a similar percent. This comes after the world health organization declared coronavirus a global pandemic, which has resulted in the United States President Donald Trump banning travels from Europe.
The panic is now evident in even the so regarded safe havens like Bitcoin which has crashed together with other stock markets. Having broken the 2019 all-time lows, things are not pretty cool for the crypto market that had enjoyed a good time since the calendar flipped.
A huge sell-off has spiked the daily volume over $42.11 billion, up from $38 billion recorded yesterday. Not only did the price drop drastically, but the harsh rate also was greatly affected by the news update on coronavirus.
BTC Price Drop Today: How Bad Can It be for Bitcoin?
Basing the argument of technical analysis, it’s more than chaotic in the crypto asset than it has ever been. This is because the next possible stop for the free fall might be $5,000 or below, which will be a whopping 50% loss, putting in respect the price had hit past $10,000 level recently.
With investors now panic selling their held coins, the market cap might even slip below $100 billion levels. This will eventually lead to the other crypto assets shedding most of the gains made previously. With crazy speculative trading dominating the crypto space, the roller coaster might be the origin of bitcoins doomsday.
Basing our argument on fundamentals, a major event on bitcoin is fast approaching, the halving. With less than two months to count, the free fall might get some relief once the supply of the crypto asset is reduced.
However, the coronavirus outbreak has shown to be more problematic than most government officials anticipated. With the numbers of confirmed coronavirus cases rising by the day, the crypto sell-off might just have begun.
The volatility is likely to increase ahead, as more total lockdown gets implemented in different countries. It is also likely to be affected by the oil prices which have also shed almost half in the past two months.
All eyes and hopes now lie with the biotech companies which are working on possible vaccine or cure on the deadly virus with the capability of killing thousands of people before it is contained.