On March 12, Bitcoin made further drastic losses sinking below $6,000 for the first time since May 2019 due to a coronavirus scare.
Data acquired from Coin360 shows the grim day for the Bitcoin traders as the BTC/USD succumbed below $6,000. The selloff intensified with the 24-hour losses hitting 20% in some exchanges.
Alistair Milne summarized on Twitter:
“And that looks like capitulation to me”
According to previous reports, many analysts, including BitMEX CEO Arthur Hayes, think that the likely bottom for Bitcoin lies at around $6,000. As the flagship token suffered from the spread of the coronavirus, altcoins took a more severe hit with heavy losses seen across the board.
Major tokens like Chainlink lost over 40% at some point, showing that the crypto markets also moved in step with the panic dominating the traditional markets over the Covid-19 pandemic. Most of the other major altcoins are also losing over 25% in the last 24 hours. Commentators believe that the markets responded to the measures taken by the US
President Trump, on March 11, banned travel for most of Europe to the United States and the stock markets reacted with further dips. These drastic measures might have resulted in steep losses that leave the traders in the crypto markets clueless of what will happen next.
Bitcoin has recovered a bit currently trading around $6,100, but it seems to be waiting for the next trigger that will determine the trend it will take in the coming days.