Bitcoin Hits 10-Month Low Below $6K as Stocks Plunge in Massive Sell-Off

Bitcoin is in turmoil on Thursday as another severe sell-off is seen in the traditional markets. 

The top cryptocurrency by market value plunged to as low as $5,678 – the lowest level since May 2019 – soon before press time. That represents a 25 percent drop on a 24-hour basis, according to CoinDesk’s Bitcoin Price Index. However, just as quickly, prices rebounded to over $6,550.

Meanwhile, major European equity market indices like Germany’s DAX, France’s CAC and U.K.’s FTSE 100 are down at least 6 percent at press time. Meanwhile, futures on the S&P 500 are shedding over 4.5 percent. Asian equities also took a beating with Japan’s Nikkei index losing 4.5 percent. 

The risk aversion, which began two weeks ago, worsened during the Asian trading hours after President Donald Trump announced a 30-day ban on travel from most of Europe and failed to meet investor expectations for additional fiscal stimulus measures to counter the coronavirus epidemic. 

While stocks and…