Bitcoin Price is Plunging During the Coronavirus Pandemic

Bitcoin was born out of a financial crisis, its debut announced in early 2009 with a block of data containing a headline referencing bank bailouts. Since then, a popular narrative around the technology has been that it’s a hedge against the rest of the world—when the Black Swan finally rears its ugly head, the unwashed masses with their worthless dollars will grovel before the fleece vest-wearing, cryptocurrency-wielding elite. Ha-ha!

Anyway, none of that shit has happened during the first real, global test of this theory: the ongoing coronavirus pandemic.

As the US stock market saw its worst crash since 1987, Bitcoin price has taken a serious tumble, actually, and currently sits at roughly $5,500 USD, down from around $9,000 a week ago, and with a 24-hour low of $3,867. Anybody who was hoping to sell any recently-acquired bitcoins for a profit in the near-term is probably sweating bullets right now, and everyone should say a little prayer for folks who bought in mid-plunge,…