Bitcoin has crashed to its lowest level since 2019 with the cryptocurrency market struggling – as some analysts blame the coronavirus crisis. At the time of writing, just after 12.30pm on Thursday 12 March, Bitcoin’s price is $6,038.29 – down 23.19% in the past 24 hours. According to coindesk, the cryptocurrency fell to its lowest point of$5,678.14, just before midday in the UK.
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It comes after Bitcoin saw a high of $7,984.60 in the past 24 hours.
According to coindesk, the fall sees Bitcoin hit its lowest level since May 2019 – and represents a 25 percent drop in the past day – despite slightly recovering after hitting its lowest level.
Markets across the globe have been impacted this week due to government decisions reacting to the deadly coronavirus.
Jamie Farquhar, portfolio manager at London-based crypto firm NKB, said: “We’ve seen de-risking across all asset markets. Bitcoin is certainly not immune to that.”
Bitcoin latest: Cryptocurrency tumbles on Thursday (Image: getty•coindesk)
Markets across the globe have been impacted by coronavirus (Image: getty)
On Wednesday night, President Trump took drastic action shutting off travel between the US and Europe (excluding the UK) for 30 days.
The move rattled the FTSE 100, which saw huge falls once again on Thursday morning – and at the time of writing was down nearly six percent.
Adam Vettese, UK Market Analyst from eToro, claimed that “cryptoassets are feeling the brunt of the risk-off trade in markets”.
He said: “With steep falls across the board as prices continue to retrace their gains for the year and head back to January lows.”
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Bitcoin in the last 12 hours (Image: coindesk)
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Coronavirus fears have spiralled across the globe – promoting fears of a global economic crash.
Vijay Ayyar, Singapore-based head of business development at crypto exchange Luno, told Bloomberg: “Investors are moving out of any risky assets.
“Even though Bitcoin is compared to gold as a safe haven asset, it’s very under-penetrated and is considered more as a risky asset to hold at this point.”
With the US Preisdent’s decision on Wednesday evening, global stocks once again saw a huge blow.
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FTSE 100 and Dow Jones have tumbled this week (Image: getty)
Jeffrey Halley, senior market analyst at OANDA, told Reuters: “Donald Trump did not announce any new concrete measures such as a large-scale payroll tax cut to buffer the economy against the impending coronavirus slowdown.
“That has probably disappointed markets more than anything.”
European shares plummeted to their lowest in almost four years, with the benchmark STOXX 600 index falling six percent by midday in London.
Bitcoin had risen by nearly half in the first six weeks of the year.