RATE Group | Bitcoin plunges 26%, its sharpest selloff in 7 years
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Bitcoin plunges 26%, its sharpest selloff in 7 years

12 Mar Bitcoin plunges 26%, its sharpest selloff in 7 years

Posted at 23:58h in Bitcoin News by

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Cryptocurrencies were not immune to the coronavirus-related selloff on Wall Street on Thursday, as the price of bitcoin plummeted 26%, its worst daily selloff in seven years.

Bitcoin
BTCUSD,
-17.05%
was recently trading below $5,700, as the world’s largest digital currency by market cap has lost nearly a third of its value in the past five days, according to Coindesk data. Its price ticked up somewhat late Thursday, at the start of the new trading session.

Despite a widely held belief that crypto investments are a good hedge against stock market investments, it appears digital currencies are just as vulnerable to the current uncertainty surrounding the coronavirus pandemic and the resulting economic damage it will cause. On Thursday, the S&P 500
SPX,
-9.51%
and Nasdaq Composite
COMP,
-9.43%
joined the Dow Jones Industrial Average
DJIA,
-9.98%
in bear-market…

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