RATE Group | Bitcoin falls past $6,000, leading a cryptocurrency rout as global markets slip on coron…
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Bitcoin falls past $6,000, leading a cryptocurrency rout as global markets slip on coron…

12 Mar Bitcoin falls past $6,000, leading a cryptocurrency rout as global markets slip on coron…

Posted at 16:18h in Cryptocurrency News by

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A man walks past an electric board showing exchange rates of various cryptocurrencies including Bitcoin (top L) at a cryptocurrencies exchange in Seoul, South Korea December 13, 2017. REUTERS/Kim Hong-JiReuters

Bitcoin tanked Thursday and fell below $6,000 for the first time since May amid a larger global market sell-off as investors panic about the spread of coronavirus. 

The cryptocurrency briefly fell to as low as $5,705.31, according to Bloomberg data. Later Thursday morning, the price had recovered some of its loses and traded around $5,960 — down about 25% from Wednesday’s close. The Bloomberg Galaxy Crypto Index fell as much as 29%, while the Grayscale Bitcoin Trust lost as much as 7%. 

The largest digital currency led a rout of other coins — Ethereum, Litecoin, and Ripple also plummeted Thursday. 

“The short-term outlook for Bitcoin remains bearish, as investors are clearly not looking at Bitcoin as a safe haven asset,” Matthew Dibb, co-founder of the institutional-grade platform Stack, told Business Insider in an email. 

Other safe-haven assets have also slipped, reflecting that investors are not snapping them up at the same rate amid market panic. The…

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