Bloodbath On Crypto Market As Bitcoin Crashes 20% Below $6000, CME Suspends Trading Due to Coronavirus

12. Mar 2020 Posted by Akolkar B on News

The cryptocurrency markets have been bleeding severely today as Bitcoin and the overall cryptocurrency market has entered massive correction.

At press time, Bitcoin is trading 25% down below $6000 with a market cap of $113 billion. With this massive plunge, Bitcoin has wiped out all of its 2020 gains and in fact trading $1000 below from its levels on January 1, 2020.

In just the last seven days, Bitcoin price has collapsed over 35% all the way from above $9000 to now below $6000. The concerns of rapid spread of the Cornanvirus has gripped the global economy with a huge fear and the crypto markets are not spared as well!

But it’s not just Bitcoin, almost all of the top ten cryptocurrencies have plunged anywhere between 25-30% as result of the massive dumping. In just the last 24 hours, the overall cryptocurrency market cap lost over $30 billion.

In the last seven days, over $60 billion have been wiped out from the overall cryptocurrency market. This market mayhem has continued over the last week but today seems be a major hammer blow for the investors.

At press time, the overall cryptocurrency market cap stands at around $180 billion. It means that the entire crypto market has wiped out all its gains of 2020 so far and we are back to square one.

Today’s reaction in the crypto market comes just at a day after the Dow Jones Industrial Average plunged 1400 odd points on Wednesday, March 11. The global markets have been collapsing over the last week and look in a very bad shape as of now. Besides, the WHO also declared the COVID-19 virus as a global pandemic on Wednesday saying that the situation is very alarming and concerning.

The Chicago Mercantile Exchange (CME), the first one to launch Bitcoin futures in the market has announced suspension of trading in Chicago from March 13. The CME Group has cited the spread of Coronavirus as the reason behind this closure. In its statement, the company said:

”No coronavirus cases have been reported on the trading floor or in the Chicago Board of Trade building. The reopening of the trading floor will be evaluated as more medical guidance on the coronavirus becomes available.  The company's headquarters at 20 S. Wacker Drive will remain open”.