coronavirus-crypto

Coronavirus panic – Bitcoin falls under $4,000

Bitcoin fell below the price of $6,000 on Thursday. This was the lowest price for the first time since May due to a market-wide sell-off over coronavirus worries.
Based on this fact of the largest digital currency, it led other coins price down — Ethereum, Litecoin, and Ripple also tumbled on Thursday.
“Investors are clearly not looking at Bitcoin as a safe asset,” Matthew Dibb, co-founder of the institutional-grade platform Stack, told Business Insider in an email.

Bitcoin on Thursday fell below $6,000 for the first time since May due to a large global market sell-off as investor’s chaos in order of the spreading of the coronavirus.

The cryptocurrency briefly fell to as low as $3,858, according to Bloomberg data. Later, on Thursday morning, the Bitcoin’s price has recovered and the price was trading around $5,960. It is a difference about 25% in comparison with Wednesday’s close price. The Bloomberg Galaxy Crypto Index fell as much as 29%.

The largest digital currency led a rout of other coins — Ethereum, Litecoin, and Ripple also plummeted Thursday.

“The short-term look at the Bitcoin remains bearish, as investors are clearly not looking at Bitcoin as a safe asset,” Matthew Dibb, co-founder of the institutional-grade platform Stack, told Business Insider in an email.

Other assets called as safe, have also fallen down, reflecting that investors are selling out them up due to the same reason – the market panic. The yield on the 10-year US Treasury bond gained on Thursday, showing that investors were selling long-term bonds instead of buying. Gold, another safe-haven asset, was down more than 1% Thursday.

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