RATE Group | Bitcoin is crashing more than stocks amid coronavirus pandemic
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Bitcoin is crashing more than stocks amid coronavirus pandemic

16 Mar Bitcoin is crashing more than stocks amid coronavirus pandemic

Posted at 17:57h in Bitcoin News by

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Stocks have gone off a cliff in the past two weeks, reeling from the rapid global spread of coronavirus. The Fed has made two emergency cuts in the shortest time period it has ever done so, cutting rates to near zero. Last Thursday was the worst day for stocks since the Black Monday crash in October 1987. The S&P 500 is down 11% in the past five days, the Dow down 13% in that time, and the Nasdaq down 10%.

But bitcoin has fared even worse.

The leading cryptocurrency by market cap is down 30% in the past five days, and now down 50% in the past month. On Friday, bitcoin tanked 25% in just 24 hours, bringing it below $6,000 for the first time since May 2019, 10 months ago.

Bitcoin rose 87% in 2019, and it had been having a very strong 2020 until mid-February; now it’s down 30% for the year.

As of Monday at noon, bitcoin was hovering at $5,000.

S&P 500 vs bitcoin over the past 30 days.

“It is quite fascinating to watch how bad it’s performed,” said David Zervos, chief market…

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