Bitcoin Recovers Partially After Crash

By Joji Xavier | Published: 3/13/2020 11:25 AM ET

With market turmoil gripping the stock, gold, and oil due to coronavirus concerns, cryptocurrency was the worst affected in the past week.

Friday early morning , Bitcoin crashed to the lowest level since March 25, 2019, before making a quick recovery.

Friday, the US market bounced back from the bruises it suffered on Thursday.

The most popular cryptocurrency went as low as $3,867 at one point, and is currently changing hands at $5,415.

Bitcon, which was trading at above $9000 last Friday, lost around 60 percent in the next seven days.

The virtual currency stayed strong for a few days even when the equity markets across the world crashed over the COVID-19 outbreak on Monday. However, prices slipped down by more than $2,000 from levels near $8,000 seen on Thursday amid sell-off in risk assets.

The second most popular cryptocurrency also was hit hard by the latest market trend.

From $240 last Friday, Ether (ETH) lost its value by more than $100, and is currently trading at $137.

On Friday, Bitcoin has a market capitalization of $105.48 billion, and a 24 hour trade volume of $73 billion, according to CoinMarketCap.

Ether has a market capitalization of $14.89 billion, and a 24 hour trade volume of $28 billion.

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Article written by Joji Xavier, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

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