Mar 19, 2020 18:19 UTC
| Updated:
Mar 19, 2020 at 18:19 UTC
Bitcoin’s Price Stabilizes Market Wipeout
On Saturday overnight, Bitcoin’s price stabilized with marking an uneasy plateau of $5,400 following a week of catastrophic losses during the coronavirus. Global markets witnessed losses this week on Thursday, the Dow Jones index fell down to 10%, the most in a single day since 1987. European and Asian markets reached similar fates. The crashes hit the crypto economy hard, cutting Bitcoin’s price in half in just a few days- to lows of $3,600- its biggest slump in over a year.
On Friday, Stock markets, recollecting all the losses. The prices hovered over $5,400 and now it hasn’t deviated much; the world’s traders take a well-deserved weekend break. According to records from metric site CoinMarketCap, other crypto markets seem calmer than before. Ethereum hit $127, up from its weekly reductions of $95. Bitcoin Cash, a fork of Bitcoin, accounted $172 up from $139, its worst price in a year.
Analysts believe that the uptick in global markets following US President Donald Trump’s announcement about the coronavirus constitutes a national emergency. Such declarations make it easier for the Trump administration to access as much as $50 billion to remedy the outbreak- a clear sign that Trump is noticing the issue.
The coronavirus caused a historic fall in global markets- crypto markets included pundits raising questions that now is the proper time to buy Bitcoin, rather than sell. Earlier this week, internet entrepreneur Kim Dotcom twitter Bitcoin’s price crash occurred due to institutional investors selling off their Bitcoin. Viewers still appreciate the decision that it would make the market less reliant on speculators.
