Cryptocurrency plunges due to Market Turmoil


The high volatility of the cryptocurrency has caused the Bitcoin to plummet. Traders have been driving towards selling off the assets as fears of the economic market dropping due to the pandemic of Coronavirus. Bitcoin was a huge cryptocurrency and had now submerged to 25 percent during the morning trading before recurring some of its losses. It had been down to 22 percent that accounted for $6,206. This was its biggest daily loss in the past five years.

It has been seen that Bitcoin had lost over 30 percent of its value in the recent five days. This resulted in sharp losses of assets to oil. The pandemic has wreaked havoc on the life of millions of people across the globe. De-risking had been noticed across all markets, but Bitcoin was new to all this. Global stocks had plunged and so had oil after US President Donald Trump had banned travel from Europe to restrict the spread of the virus.

The novel Coronavirus has been spreading rapidly in Europe and now also has been vividly spreading in the states. This virus has hampered the normal functioning of people, including schools and other entertainment units. The World Health Organisation has declared this outbreak as a Pandemic.

This fall would cost a lot for Bitcoin as a virtual currency. There have been questions arising that question the effect of Bitcoin as a currency. Bitcoin has been prone to wild and often inexplicable price swings. It had failed as a method of payment and mainly remained as speculation.

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