Image Credits:Chesnot / Getty Images (Image has been modified)

Bitcoin is also having a very, very bad day

Bitcoin is going through a remarkably bad day. It turns out all assets are having a rough month — including cryptocurrencies. A couple of hours ago, the average price of BTC dropped by 15% in just 20 minutes.

On CoinGecko, 1 BTC was worth around $7,250 across different exchanges at 10:30 AM GMT. At 10:50 AM GMT, the price dropped to $6,160 for 1 BTC. Bitcoin hasn’t recovered since then as 1 BTC can now be exchanged for $6,150.

This isn’t just an accident. Bitcoin has been steadily going down for the past month. On February 19, you could still receive over $10,000 by selling 1 BTC.

Yesterday, the World Health Organization officially declared the spread of COVID-19 a pandemic. The U.S. has taken additional measures to combat the spread of the coronavirus, including travel restrictions from Europe to the U.S. Asian and European stock markets have had a rough trading day following the news.

Many believed that cryptocurrencies would be inversely correlated to stock markets. But economic confidence is also hurting cryptocurrencies. Uncertainty has led to today’s crypto asset selloff. You don’t want to keep trading positions in risky assets when it’s unclear whether the economy can recover from the coronavirus.

Other popular cryptocurrencies, such as Ethereum, XRP and Bitcoin Cash are respectively down 28.3%, 23.2% and 31.1% over the past 24 hours. In other words, everything is red right now.

Techcrunch event

Disrupt 2026: The tech ecosystem, all in one room

Your next round. Your next hire. Your next breakout opportunity. Find it at TechCrunch Disrupt 2026, where 10,000+ founders, investors, and tech leaders gather for three days of 250+ tactical sessions, powerful introductions, and market-defining innovation. Register now to save up to $400.

Save up to $300 or 30% to TechCrunch Founder Summit

1,000+ founders and investors come together at TechCrunch Founder Summit 2026 for a full day focused on growth, execution, and real-world scaling. Learn from founders and investors who have shaped the industry. Connect with peers navigating similar growth stages. Walk away with tactics you can apply immediately

Offer ends March 13.

San Francisco, CA | October 13-15, 2026

Topics

, , , , , , ,
Loading the next article
Error loading the next article