Sebastian Sinclair
Bitcoin Falls Below $5K as Market Pain Deepens
UPDATE (March 13, 02:44 UTC): Bitcoin’s price briefly sank below $4,000 before rebounding to between $5,300 and $5,500 in a 30-minute period. The rapid price rise followed complaints on Twitter that crypto derivatives trading platform Bitmex had gone offline, though it is unclear whether this is related.
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Bitcoin (BTC) and the broader cryptocurrency market continued this week’s sharp decline, with the world’s largest crypto falling to around $4,800.
The crypto space echoed the broader global trading markets: Equities have been in free-fall mode, prompting another halt to trading as the S&P 500 suffered another 9.5 percent drop on Thursday. The Dow Jones Industrial Average is also down around 10 percent, while the tech-heavy Nasdaq fell 9.43 percent to around 7,201 basis points.
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The Asian markets fared no better as the Australian ASX All Ordinaries dropped 7.23 percent while Tokyo’s Nikkei 225 fell 4.4 percent and is set to continue its slide into deeper losses amid the coronavirus pandemic.
Nearly $63 billion has been wiped from the markets as the total market capitalization of all crypto fell from $223 billion to $161 billion, with BTC falling more than 39 percent over the past 24 hours to levels not seen since April 2019.
As for other top crypto assets, ethereum (ETH) is at $109, while XRP (XRP) is trading at 14 cents.
Tuesday, December 22, 2020