The queen of crypto lost her shine - Bitcoin plummets

The queen of crypto lost her shine - Bitcoin plummets

Bitcoin and other cryptocurrency prices have fallen sharply over the last few days, with around $93.5 billion wiped from crypto markets.

The most important cryptocurrency on the market, Bitcoin, dropped as low as $4,000 - the lowest level since May 2019.

Friday update - only today, the price dropped again by 50%.

Bitcoin price, which used to be around $10,000 per Bitcoin just last week, dropped, wiping clean all 2020 gains. The lowest level was just under $3,850 last night. All the other major cryptos followed suit- Ethereum, Bitcoin Cash.

Coronavirus pushed the international markets over board, putting an end to the longest bull market in history. All major U.S. and European indices went down with almost 10%, or even more as in Germany30’s case, which went down 11%.

The whole Europe had their eyes and ears on Christine Lagarde’s speech. The European Central Bank decided Thursday not to cut interest rates, despite market expectations for a reduction amid the ongoing coronavirus outbreak.

The central bank did announce measures to support bank lending and expanded its quantitative easing program by 120 billion euros ($135.28 billion). As a response from the market, Germany30 went down 8% in just one day.


Sources: cnbc.com, reuters.com, forbes.com

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