The coronavirus panic is beginning to affect the crypto market
So far, it is not entirely clear whether the panic of the coronavirus epidemic has affected the cryptocourse shot. But could this phenomenon have affected the blockchain coins now, at the moment of the crash?
Panic in the market
Crypto markets have lost billions of dollars since early this week. All in a sale that ended the triumphant Bitcoin parade on the chart. In the last 24 hours, total market capitalization has fallen 7.5% to 240 billion dollars.
The technicality of the matter is bad. Bitcoin has broken through several key support levels. Another important test of the price is the strong support of $8300.
At the time of writing this text, BTC remains at the level of about 8800 USD. The rest of the market is also losing rapidly. Token Ethereum, Ether, has fallen by another 9 percent, and several other cryptocurrencies have even recorded double the losses.
As usual, BTC’s opponents believe that this is clear proof that the digital currency is not – as its supporters want it – safe haven. Is that true?
Dropouts and the coronavirus case
First of all, it looks like the fake news is spreading faster than the virus itself. Facebook, which is a habitat of disinformation, has recently even introduced measures to block any advertising related to the coronavirus, or even mentioning it. A company spokesperson said Business Insider:
“We have recently implemented policies that prohibit advertising related to the coronavirus … for example, suggesting a limited supply of [the drug] or guaranteeing a cure or prevention.
In addition, social media are flooded with news of new cases. All of this causes the global community to become a little paranoid and rarely, as is customary for people, does it verify new information.
It is therefore possible that cryptographers lose out because of the fear generated in this way, which exceeds even thinking about BTC in terms of the safe harbor.
But there is another option. Maybe, as the following tweet suggests, some “whale” has done the lowering of BTC. When the situation with the coronavirus settles, the increases will return?