Bitcoin plummeted, a series of virtual currencies were sold off globally
25 thg 3, 2020
Bitcoin and a number of other digital currencies plunged this morning, the market was in red.
Bitcoin plummeted, a series of virtual currencies were sold off globally
According to Coinmarketcap statistics, the value of a series of digital currencies this morning plummeted. Bitcoin - the world's largest virtualized virtual currency has dropped by 9.22% to $ 7,944 / BTC.
Among the 10 "virtual" currencies with the largest capitalization, up to 9/10 dong dropped in value in the last 24 hours, only Tether increased slightly by 0.05%.
In the same "family" with Bitcoin, the price of Bitcoin Cash plummeted 13.91% to 275.8 USD / BCH, Bitcoin SV fell 12.95% to 199.45 USD / BSV.
Many other "virtual" currencies also dropped sharply, in which, Ethereum decreased by 10.25% to USD 206.52 / ETH, Litecoin decreased by 14.53% to USD 50.39 / LTC, Binance Coin decreased by 11.49% to 17.23 USD / BNB, ...
Bitcoin plummeted, a series of virtual currencies were sold off globally
Total market capitalization plummeted to US $ 228 billion, down more than US $ 22 billion in the last 24 hours.
The spread of Coronavirus has affected two major conferences in the US on digital currencies. Bitcoin 2020, the event scheduled to take place on March 27-28 in San Francisco, has to be moved to the third quarter of 2020. Another event, the DC Blockchain Summit 2020, will be postponed next week.
The cause of the sell-off in the digital currency market is not really clear, although some say it is affected by panic in the stock and commodity markets in the face of coronavirus spread. The price of virtual currencies plunged in the context of the global financial market suffered a wide sell-off, when Brent crude oil fell more than 30%, the biggest single-day decline since 1991.
"On Sunday, Bitcoin fell by 8%, much more than global stocks. It can be seen that Bitcoin is not a good hiding asset during risk periods compared to other asset classes. ", Nouriel Roubini posted on Twitter last night, he is a Nobel laureate economist.
Meanwhile, Jehan Chu, co-founder of Kenetic Capital, said that for those with long-term investment vision, this is a good time to buy into Bitcoin. "Future volatility may be even more, as financial shocks and macro platforms go down. But ultimately, long-term investments in the digital future, where Bitcoin is the main asset, will is a good strategy "