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The novel COVID-19 (coronavirus) continues with its adverse effects on the financial markets. The cryptocurrency space is no exception. Bitcoin, for instance, slipped below the significant $5,000 mark and is currently trading at around $4,500.
Just hours ago, the leading cryptocurrency by market cap saw a spike of $800. When the U.S. Fed Reserve made a total injection of $700 billion in treasuries and mortgage-back securities, Bitcoin jumped to almost $6,000. The bullish move, however, was short-lived, and just a few hours later, BTC finds itself even lower than before.
Since it broke down the $5,000 support level, the largest cryptocurrency has dropped down to $4,500.
Most of the altcoins are in even worse shape than Bitcoin. Ethereum is 17% down and is trading at $105. Ripple (-14%) is below $0.14, Litecoin drops with 16% to $30, and Binance Coin plunges with over 17% to $8.8.
Tezos and Chainlink are both plummeting by over 16% and are the most notable losers in the top 20 coins by market cap. Thus, XTZ is at $1,22 now, while LINK is $1.63.
The traditional financial markets are in a similar situation as well. The Stoxx Europe 600 futures index is down 7.7% and the U.K. FTSE futures 100 Index fell by approximately 5,6%. The U.S. measures that also included cutting interest rates had a positive effect only on treasuries, but equities continue to tumble. The S&P 500 futures are down by almost 5%, and while the spot markets haven’t opened for trading yet, the situation doesn’t look good.
Major Crypto Headlines
Another BitMEX – FTX Exchange Clash? Or, The Reason Why Bitcoin Crashed To $3,700? Amid the most brutal Bitcoin sell-off when its price went as low as $3,700, controversy emerged between two of the leading margin trading exchanges. BitMEX said their platform experienced “technical issues,” which eventually led to substantial liquidation levels, while FTX CEO expressed his doubts on the matter.
HODLers Give Up? Bitcoin Wallet From 2010 Just Moved 1,000 BTC Worth $7.8 Million. Hours before Bitcoin’s severe price drops to below $4,000, a long-term HODLer moved his impressive 1,000 BTC stash. The question remains if he has had enough and sold them, or is it just for security measures.
Trump Halts Flights From Europe: Stock Market Futures and Bitcoin Tumble. One of the most critical pieces of news from last week came from President Trump, who banned all travel from Europe, except the U.K. As it happens with almost any other information lately, it had an immediate adverse effect on all financial markets.
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