It’s safe to say that unless unexpected things happen, this will be the worst week for Bitcoin since 2013. During the second week of December 2013, Bitcoin had seen a plunge from 4 to 2, more than a 50% decline. Those were the days when MT.Gox was the only major Bitcoin exchange out there.Just seven days ago, BTC was trading at around ,000, and its price has now dropped to slightly above ,200. What is more, the price went down to as low as ,600 before bouncing to where it trades now. Bitcoin is down more than 45% over the past week, and it charted its largest daily red candle in the last seven years.All of this comes as the world is shaken by the novel coronavirus that continues to spread, now mainly in Europe. With over 15,000 confirmed cases only in Italy and thousands of new
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It’s safe to say that unless unexpected things happen, this will be the worst week for Bitcoin since 2013. During the second week of December 2013, Bitcoin had seen a plunge from $864 to $382, more than a 50% decline. Those were the days when MT.Gox was the only major Bitcoin exchange out there.
Just seven days ago, BTC was trading at around $9,000, and its price has now dropped to slightly above $5,200. What is more, the price went down to as low as $3,600 before bouncing to where it trades now. Bitcoin is down more than 45% over the past week, and it charted its largest daily red candle in the last seven years.
All of this comes as the world is shaken by the novel coronavirus that continues to spread, now mainly in Europe. With over 15,000 confirmed cases only in Italy and thousands of new ones reported daily, the pasta country is the most impacted in Western Europe and has already shut its borders. The US halted all flights from Europe for the next 30 days, except the United Kingdom.
Surprisingly, China seems to have gotten the situation under control as there are close to no new cases reported recently, compared to the rest of the world.
This has taken its toll on the global financial and stock markets, and the sudden drops even triggered emergency circuit breakers that halted trading a few times for periods of 15 minutes, for the first time since the financial crisis of 2008.
The altcoin market hasn’t been left out as well. Most of the large-cap cryptocurrencies lost almost half of their value. Ethereum trades at about $125, Ripple at $0.15, Litecoin at $34, and so forth. The total market capitalization had shrunk by almost $100 billion.
In any case, some are finding positivity in the fact that Bitcoin’s halving is on its way, and it’s about two months away. Historically, this has always been a serious trigger for Bitcoin’s price. Still, it remains interesting to see which will have a more significant impact – the coronavirus and the ongoing crisis or the halving. So far, the Bitcoin is disappointing its believers after not acting as a safe-haven asset in contrast to the crashing stock markets.
Market Cap: $150B | 24H Vol: $248B | BTC Dominance: 63.3%
BTC: $5216,81 (-214.7%) | ETH: $125,09(-11.29%) | XRP: $0.149(-10.09%)
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