The Crypto Weekly Market Update

It’s safe to say that unless unexpected things happen, this will be the worst week for Bitcoin since 2013. During the second week of December 2013, Bitcoin had seen a plunge from $864 to $382, more than a 50% decline. Those were the days when MT.Gox was the only major Bitcoin exchange out there.

Just seven days ago, BTC was trading at around $9,000, and its price has now dropped to slightly above $5,200. What is more, the price went down to as low as $3,600 before bouncing to where it trades now. Bitcoin is down more than 45% over the past week, and it charted its largest daily red candle in the last seven years.

All of this comes as the world is shaken by the novel coronavirus that continues to spread, now mainly in Europe. With over 15,000 confirmed cases only in Italy and thousands of new ones reported daily, the pasta country is the most impacted in Western Europe and has already shut its borders. The US halted all flights from Europe for the next 30 days, except the United Kingdom.

Surprisingly, China seems to have gotten the situation under control as there are close to no new cases reported recently, compared to the rest of the world.

This has taken its toll on the global financial and stock markets, and the sudden drops even triggered emergency circuit breakers that halted trading a few times for periods of 15 minutes, for the first time since the financial crisis of 2008.

The altcoin market hasn’t been left out as well. Most of the large-cap cryptocurrencies lost almost half of their value. Ethereum trades at about $125, Ripple at $0.15, Litecoin at $34, and so forth. The total market capitalization had shrunk by almost $100 billion.

In any case, some are finding positivity in the fact that Bitcoin’s halving is on its way, and it’s about two months away. Historically, this has always been a serious trigger for Bitcoin’s price. Still, it remains interesting to see which will have a more significant impact – the coronavirus and the ongoing crisis or the halving. So far, the Bitcoin is disappointing its believers after not acting as a safe-haven asset in contrast to the crashing stock markets.

Market Data

Market Cap: $150B | 24H Vol: $248B | BTC Dominance: 63.3%

BTC: $5216,81 (-214.7%) | ETH: $125,09(-11.29%) | XRP: $0.149(-10.09%)

Crypto News

Coronavirus Madness Continues: Bitcoin Price Crashes Below $4300, Over 40% Daily Loss. As the novel coronavirus continues its spread across the world, cryptocurrency markets also felt its impact. In just one day, Bitcoin recorded a sudden 40% drop, losing a significant chunk of its value and crashing down to less than $4,000 before making a recovery.

Bitcoin’s Biggest Daily Price Drop In 7 Years Led To $484 Million Liquidations On BitMEX Exchange. This is undoubtedly the major headline in the cryptocurrency field over the past 24 hours. Bitcoin recorded its biggest daily price drop in the last seven years. In turn, this led to over $484 million liquidations on BitMEX.

Chainlink For $0.01? LINK Flash-Crashed By 99% On Binance Exchange. As the markets tumbled massively over the past week, Binance saw the price of Chainlink (LINK) flash-crash down to $0.01. Naturally, the price recovered in a heartbeat, benefiting those who had set low buying orders in the process.

Trump Halts Flights From Europe: Stock Market Futures and Bitcoin Tumble. The President of the United States, Donald Trump, announced a ban on all travel from Europe on Wednesday. According to the announcement, the ban will be in effect from today at midnight, and it will last for 30 days. The only exemption is traveling from the UK.

Peter Schiff Explains Why The Coronavirus Recession Will Be Worse Than The 2008 Financial Crisis. A well-known economist and recognized author, Peter Schiff, has warned that the effects of the coronavirus might be worse than the financial crisis back in 2008. Moreover, he outlined that the coronavirus is only the pin that is going to pop the market bubble that’s already inflated.

Bitcoin Options Trading Volume Records New All-Time High Amid The BTC Price Plunge. As it’s usually the case, severe volatility brings increased trading volumes. While it was unfortunate that this time around the prices went down, Bitcoin options trading volume recorded a new all-time high.

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Cryptocurrency charts by TradingView.