Bitcoin experienced one of its biggest crashes, with the cryptocurrency reaching a low of around $3,900. Things started to pick up a couple of hours later, where prices reached the $5,000 mark. Things didn’t last long, however, as it dropped back down to $4,800.
The crypto market has been seeing a slow decline since the outbreak of nCOVID-19, with a lot of operations surrounding crypto mining having to shutdown. The Situation has only gotten worse with the US Government imposing stricter boarder control and the stock market tanking by 10%, thus affecting the crypto market even further.
With Bitcoin tanking, altcoins are also being heavily affected. Ethereum has incurred a loss of 43%, Bitcoin Cash by 42.85%, and XRP only trading at $0.13.
It seems the only safe haven right now for people in the crypto market is cash. With nCOVID-19 and the market tanking more and more people are cashing in whatever they have, whether it be crypto or gold.