Large ‘bleed’ market
In the past hours, the bitcoin price has dropped more than 20%, dragging the entire altcoin market 'bloodshed'.
Today March 12, 2020, the bitcoin price recorded its first decline below $ 6,000 since May 2019.
Tonight's bitcoin exchange rate (March 12) recorded at 20h50 at $ 5,919, down 23.92% from the previous 24 hours – according to the BTA's bitcoin exchange rate (https://blogtienao.com/ty-gia/BTC/bitcoin/).
On the market, among the top 100 covered with a crimson-like blood, there are 96/100 cryptocurrencies that have decreased compared to the past 24 hours.
In which most of the people have reduced over 20%, some even recorded a reduction of 30-40%.
COVID-19 affects investor sentiment
Recently, the World Health Organization (WHO) officially declared the outbreak of the Covid-19 epidemic as a global pandemic.
The cryptocurrency market is moving step by step with panic just like the traditional markets (stocks …) because of COVID-19.
Corona virus is causing chaos in the stock market, as in the session on March 12, the stock indices on the US stock market simultaneously dropped sharply by over 7%, causing the market to temporarily stop trading. 15 minutes.
When the market resumed trading after a few minutes of pause, the indices continued to plunge. The S&P 500 index fell 8.3% and fell into the bear market, which is a decline of more than 20% from the historic peak set in February recently.
In addition, indices of other stocks also suffered heavy losses during the sell-off session, Royal Caribbean lost 26.6%; Carnival and Norwegian Cruise Line plunged 19% and 27.6%, respectively.
In a recent speech, President Donald Trump said the US would impose a ban on moving from Europe to the US in the next 30 days to prevent the spread of the COVID-19 epidemic.
Stoxx 600 stock indexes across Europe, France's CAC, Britain's FTSE and Germany's DAX dropped 10% after President Trump's announcement of a policy banning Europe-to-US migration. Many stocks dropped 20-30%.
Expected to $ 6,000 by CEO BitMEX
Recently, Bitmex CEO Arthur Hayes wrote:
“Bitcoin is insecure due to the current turmoil and believes that bitcoin price could retest $ 6k.”
However, Arthur Hayes reassured investors that should not be too worried.
“You have to go down to go up, bitcoin is still a safe haven asset, although it could drop to $ 6,000 but I believe bitcoin is fully recoverable to $ 20,000 by the end of this year.”
According to Arthur Hayes, it is the corona virus that is affecting the psychology of investors.
“They will dump prices into a bearish market. That will push prices lower on the margins. ”
Whales move BTC when the price returns to USD 6,000
When the price of bitcoin dropped to $ 6,000, Whale Alert recorded BTC whale movements, including three moves with 8,000 BTC, two of which were related to Binance and Bistamp.
Huge liquidation on BitMEX
According to datamish, there was 665 million USD Long contract on BitMEX liquidated in 1 hour.
This is only on BitMEX, because there are also many other crypto derivatives exchanges such as OKEx, Binance or Huobi.
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