March 24, 2023

Bitcoin fell to $ 6,000 due to increased panic in the markets

Bitcoin fell to $ 6,000 due to increased panic in the markets

Today, amid falling traditional markets, priceBitcoin crashed by more than 20% and touched the $ 5570 mark, but then stabilized around $ 6000. As the spread of coronavirus accelerates, the situation may worsen.

Market panic after recognitionThe WHO coronavirus pandemic epidemic reinforced Donald Trump’s decree restricting travel to Europe. As a result, during Asian trading, another wave of falling stocks, bonds and indices began.

Investors started hastily liquidate your positions to pay offmargin requirements, avoid further losses and avoid additional risks. The exception was only gold, the price of which remains at the same level, as a classic asset for saving value.

Under normal circumstances, bitcoin and digital assetsused to diversify the portfolio and hedge, but amid the panic, investors began to hastily sell them due to the high level of risks and a drop in the cryptocurrency liquidity. The decline in interest also caused a decrease in the trading volume of bitcoin futures.

As a result, amid global panic todayBitcoin fell below $ 6,000, but then rebounded and the market is trying to avoid a further decline. At the time of publication, the MTC is trading at $ 6,114 with a daily drop of 21.9%

Bitcoin fell to $ 6,000 due to increased panic in the markets

Most altcoins suffered even greater losses. Over the past 24 hours, ether (ETH) fell 27.4% to $ 141, XRP lost 19.9%, reaching a price of $ 0.166. In general, the cryptocurrency market lost more than $ 51 billion per day.

Bitcoin fell to $ 6,000 due to increased panic in the markets

This time, the market collapse was caused not by the actions of institutional participants, but by global non-economic factors, the development of which is not predictable.

Recall that the CME announced a temporary suspension of trading activity due to the coronavirus.