Bitcoin Experiences the Biggest Fall of the Last 7 Years
These days, all markets except the pharmaceutical market are experiencing big drops due to the coronavirus epidemic. While global markets are concerned about the epidemic, cryptocurrencies are also affected. The leading cryptocurrency, Bitcoin, fell to $5,500 levels yesterday (March 12). Bitcoin dropped to $3,700 levels losing value by 28%. This decline is recorded as the biggest daily decline since December 2013.
Massive price decreases were also observed in other cryptocurrencies. Ethereum, Ripple, Litecoin, BNB Coin and many altcoins lost more than 30%. Ethereum, the second largest cryptocurrency in terms of total market value after Bitcoin, lost 33% in a day and experienced its biggest 5-day daily decline.
On the other hand, many crypto money markets experienced congestion. The Ethereum platform has come to the point of crash after major falls. Withdrawals are suspended on some crypto exchanges. Ethereum, for example, has announced suspension of withdrawals.
The global epidemic alarm had great economic impacts worldwide. In the coming days, we will see how cryptocurrencies will react to emerging developments about coronavirus epidemic. If you want to get more information, you can follow our social media channels. You can also find information about BTC, ETH and other cryptocurrencies on our blog.
Will Coronavirus Affect Bitcoin Halving?
At the beginning of last February, BTC.Top CEO Jiang Zhuoer shared in Weibo that crypto mining machines have come to a halt due to the epidemic. Coronavirus almost brought life to a standstill in the People’s Republic of China. Many institutions are disrupted in the country. The streets are empty due to the quarantine in Wuhan, China.
While this was the case in China, it was a miracle that the economy was not affected. Crypto exchanges also got their share. The epidemic, which caused great damage to cryptocurrency mining, led to decisions to close many cryptocurrency mining farms. Jiang Zhuoer previously stressed that the machines are never turned off, even during maintenance.
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