Bitcoin could not withstand the pressure and abruptly went down, breaking through all levels of resistance. At the time of writing the news (GMT 12:00), BTC is trading at $6,128, having lost over 16% in an hour. The daily loss of the first cryptocurrency reached 21.7%.
Some altcoins lose in price even more rapidly — from the top-ten ranked, Bitcoin SV (-25% per hour and -31.5% per day) and Tezos (-30% per day, losses per week amounted to more than 45%) are the most suffering. The capitalization of the entire cryptocurrency market plummeted to $172 billion.
Many analysts saw strong resistance at $6,500, but it was overcome almost instantly. It is reported that over the past 24 hours, positions totaling $542 million were liquidated on several exchanges.
The fundamental factors behind the fall in prices are the spread of coronavirus and the collapse of traditional markets. Many analysts attribute the fall of the cryptocurrency market to the continued sell-offs of the PlusToken scammers. One way or another, the fall of the cryptocurrency market demonstrates that it is still impossible to name these assets as safe-haven ones.
Image courtesy of Tokeneo