RATE Group | Bitcoin Drops To Lowest Point In A Year
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Bitcoin Drops To Lowest Point In A Year

13 Mar Bitcoin Drops To Lowest Point In A Year

Posted at 23:29h in Bitcoin News by

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Despite a recent bounce, bitcoin dropped to below $4,000 early on Friday (March 13), according to a report by CoinDesk.

It reached $3,867, which was the lowest level seen since March 25 of last year. It has since recovered from that low.

Bitcoin is down over $2,000 from a high of around $8,000 early on Thursday (March 12). The cryptocurrency now has a 27 percent loss YTD, even though it gained 46 percent last month and was trading at $10,500.

Bitcoin briefly overtook gold, but that changed on March 13 – gold now has a 7.5 percent YTD gain.

The digital coin fell almost 39 percent on Thursday (March 12) in the midst of a massive sell-off in risk assets due to coronavirus fears. As a result, crypto derivatives exchanges saw some forced liquidations.

“The latest bitcoin correction has pushed BTC to oversold levels last seen in September 2019 and November 2019,” tweeted Morgan Creek Digital Co-founder Jason Williams.

The relative strength index…

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