Coronavirus Panic Disrupts Cryptocurrency Markets
The Black Swan of 2020, Coronavirus outbreak, has hit cryptocurrency market, sending Bitcoin to it 10 month minimum, below $6000, on March 12.
Bitcoin price fluctuates around $5800, falling more than 25% in the last 24 hours, according to Coinmarketcap. Main cryptocurrency dramatic drop dragged down other main cryptocurrencies: Ethereum fell over 30%, XRP over 23%.
On March 12, Bitcoin trading volume, reached $55 mln, per Coinmarketcap, stretching cryptocurrency exchange’s capacities. Notably, bitcoins mined as early as in 2010 started to move this March, according Blockchain.com.
Even the CEO of Binance Changpeng Zhao called March 12 “Bloodbath day”, reporting on his tweeted “5x system load than all previous peaks”.
It is too early to determine, where the price will go in the nearest time. Some experts note the upcoming halving as an opportunity to grow, others predict further downtrend.
Coronavirus declared pandemic dropped traditional financial markets as well: Dow Jones Index has fallen 9,99%, S&P 500 – 9,51%.