Bitcoin's price dropped by more than 15%, dragging the entire market down to double digits

Bitcoin (BTC) unexpectedly dropped another 7% on March 16 when a new week began with new chaos in the traditional markets due to the impact of Covid-19 virus.

Overview of the daily cryptocurrency market. Source: Coin360
Overview of the daily cryptocurrency market. Source: Coin360

Price of BTC decreased by 1,400 USD in one day

Data from Coin360 and Cointelegraph Market show that the BTC / USD pair plummeted 7% on Monday trading today.

At the time of writing, Bitcoin was trading at $ 4,550 in very volatile conditions – 15% lower than the price of the same time on Sunday, after briefly touching $ 4,440.

Daily chart of BTC / USD. Source: Coin360
Daily chart of BTC / USD. Source: Coin360

The move comes after the US Federal Reserve (Fed) launched an unprecedented stimulus package on March 16. Critics argue that the Fed's lowering of interest rates to nearly zero has stressed the Fed's own concerns, while a massive liquidity crash has failed to boost the stock market.

As both stocks and Bitcoin seem to be preparing for the next “Black Monday”, traders have taken different perspectives in the short and long term of the leading cryptocurrency.

“Bitcoin and other cryptocurrencies are operating just like every other asset right now; liquidate assets for insurance position and transfer to USD, ”filbfilb analyst of Cointelegraph Markets explained in a private comment.

“This does not mean that Bitcoin does not have time to shine, it is designed to literally fight inflation and they are headed for a major inflation risk, but history tells us that the removal position unpack and safe arrival needs to relax before that happens. ”

Vays: Bitcoin faces “important day”.

Previously, veteran trader Tone Vays had warned that Bitcoin could still fall below the $ 5,000 level in a final “haze” for the market.

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In one tweet on Monday, he warned that the current downward trajectory could push the BTC / USD pair 50% lower, but not at the rate seen last week.

“Today is an important day for #bitcoin, it is currently considering a new daily close. This is bearish, ”he wrote.

Meanwhile, the huge money-trading platform BitMEX continues to face scrutiny after many investors believe that the technical issues of this exchange have contributed to the crash. $ 3,600 of Bitcoin on March 12.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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