Bitcoin [BTC] price plummets to now lows for the year not very far from lows during the bear market of 2018.
After dropping by nearly 24% yesterday to test the 200-Weekly Moving Average around $5,500, the price took continues downturn at the beginning of the Asian trading hours dropping to lows at $3850.
The combined from drop from yesterdays’ opening around $8000 is 50%. The panic on economic assets has escalated far too quickly as the virus spreads violently across Europe and the US.
The price of Bitcoin [BTC] at 2: 30 hours UTC on 13th March 2020 is $4445. It is exhibiting a lot of volatility at the moment.
Gold is down $75 since the fall-over began, while S&P 500 closes at $2480 down 260 points (9.5%) on a single day.
Where do you the panic will find support? Please share your analysis with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com