Bitcoin Just Crashed Spectacularly In Mere Moments

The price of bitcoin has dropped dramatically and some analysts have blamed coronavirus for the loss of value. 

Today, March 12, bitcoin lost 20% of its value in less than an hour, bringing it to below $6,000 (£4,740) – the lowest its value has been since May 2019. Just last week, the bitcoin price was trading around $10,000 per bitcoin.

Other major cryptocurrencies were down between 30% and 40%, knocking billions of dollars from the value of combined cryptocurrencies in a matter of minutes, with traders citing a sell-off across global markets.

The cryptocurrency market as a whole has lost $100 billion in the last week, and $50 billion has been wiped from bitcoin’s overall value since the start of the month. Bitcoin makes up around 65% of the cryptocurrency market’s value.

The loss has wiped out bitcoin’s gains since the start of 2020 after starting the year at around $7,000 per bitcoin, Forbes reports.

Bitcoin and cryptocurrency expert and Forbes writer Billy Bambrough spoke…