RATE Group | Bitcoin plummets as cryptocurrencies suffer in market turmoil | News
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Bitcoin plummets as cryptocurrencies suffer in market turmoil | News

12 Mar Bitcoin plummets as cryptocurrencies suffer in market turmoil | News

Posted at 12:13h in Cryptocurrency News by

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by Thomson Reuters

By Tom Wilson

LONDON (Reuters) – Bitcoin plummeted on Thursday amid wild volatility in cryptocurrency markets, with traders citing a sell-off across assets as fears of the economic damage from the coronavirus pandemic take hold.

The biggest cryptocurrency slumped as much as 25% during morning trading before clawing back some of its losses. It was last down 22% at $6,206, heading for its biggest daily loss in five years.

Bitcoin has lost over 30% of its value in the last five days, outpacing sharp losses for assets from stocks to oil as the pandemic wreaks havoc on the daily life of millions.

“We’ve seen de-risking across all asset markets,” said Jamie Farquhar, portfolio manager at London-based crypto firm NKB. “Bitcoin is certainly not immune to that.”

Global stocks plunged into a bear market and oil slumped on Thursday after U.S. President Donald Trump banned travel…

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