Bitcoin has tanked 50% in just 2 days amid coronavirus market panic
The world's largest cryptocurrency tumbled another 32% early Friday, falling to $3,915. That brings its total losses in the last two days to 50% — one of the largest drops on record for the digital coin. Bitcoin pared losses after the epic drop.
The Bloomberg Galaxy Crypto Index fell as much as 49%, hitting a historic low. Other coins such as Ripple and Ethereum whiplashed, falling and then regaining some losses. "Investors are liquidating alternative assets such as Gold and Cryptocurrency to meet market obligations and build cash-reserves, a similar theme to that which occurred during the last financial crisis," Matthew Dibb, co-founder and chief operating officer of Stack, told Business Insider in an email. His expectation is that a further sell-off "will likely lead to additional downside in the cryptocurrency market and lower liquidity for spot trading and derivatives instruments.
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