Bitcoin Below $5000 As Coronavirus effects on the Global Markets
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.