The cryptocurrency market has had an apocalyptic crash over the past 48 hours, with the coronavirus Covid-19 triggering a massive selloff in global markets.
According to writer Trevor Smith at Bitcoinist.com, a massive dump by Plus Token scammers kicked off the crash after dumping 13,000 Bitcoin over the weekend which sparked the initial sell-off. Plus Token closed down the operation in June of 2019 withdrew over $3 Billion dollars in Cryptocurrencies (Bitcoin, Ethereum and EOS) and left the message, “Sorry we have run“.
Bitcoin lost half its market cap in 24 hours, then went on to bottom out at $4,185.21 on early on March 13, 2020, before making a slight comeback.
“The question isn’t whether bitcoin is a store of value today in an unprecedented medical crisis that even sucked the value out of gold and silver, which have been flights to safety for thousands of years,” said Transform Group and BitAngels founder Michael Terpin.
“It’s whether it will hold value over the coming ten years vs gold, silver, USD and the S&P, which it has resoundingly trounced thus far. On that count, I remain bullish and believe anything under $6k is a buy and under $4k was a screaming buy over the long term. And unlike the S&P, you won’t have to wait a decade for new highs. Check back on bitcoin in about 18-24 months.”
Alex Mashinsky, CEO at Celsius Network stated:
“What we have seen in the last 24 hours does not prove that Bitcoin is not a safe haven; only that BTC’s investor base isn’t broad enough yet to prove its function as a safe-haven. The traders, risk-takers, and speculators that are dumping their equities are the same ones selling their crypto.”
“In a panic as severe as this one, investors are racing to safety in the form of cash, but under the surface of liquidations in the futures and options markets there still is a growing and broadening the base of users who believe that all roads lead to decentralization and that BTC & ETH are the horses who are going to get us across the finish line.”
Cryptocurrencies saw $93.5 billion wiped off value in 24 hours as bitcoin crashed and dragged the sector down with them.
- Coronavirus Crashes Crypto – March 13, 2020
- Non-Profit Celo Foundation Announces The Launch Of “Alliance For Prosperity” – March 13, 2020
- Two Chinese Nationals Charged with Hacking Cryptocurrency Exchange and Laundering Over $100 Million in Cryptocurrency – March 13, 2020
- Crypto Derivatives Platform Phemex Lands $3.5 Million Investment Round from NGC Ventures Leads – March 12, 2020
- Digital Monetary System Tagion Claims Open Source User-driven Networks Are The Future Of Liquidity In Crypto Assets And Fiat Digitalisation – March 11, 2020
- Caribbean Entrepreneur Builds First System That Allows You To Trade Cryptocurrency From WhatsApp – March 10, 2020
- Leading AdTech Firms Pilot World’s First Blockchain-Powered Digital Out-of-Home Advertising Campaign for Food Delivery Giant foodpanda – March 10, 2020
- Bitcoin Legend Charlie Shrem and BLOCKTV Team up to Bring Untold Stories to the Screen – February 26, 2020
- KLM To Use Blockchain to Streamline Financial Processes Thanks to Amsterdam-based Unchain and R3 – February 25, 2020
- Scottish Blockchain Company Hypervine Signs with European Space Agency Data To Improve Efficiency And Transparency For The World’s Mining Industry – February 22, 2020
- Loyyal Signs Three Year Production Agreement with The Emirates Group for Use of Blockchain Loyalty and Rewards Platform – February 21, 2020
- Enjin Platform Enables Game Developers to Integrate Blockchain Assets Without Blockchain Coding Experience – February 18, 2020
- Blockchain Project Cashaa Protecting Crypto Companies to Survive Fifth Money Laundering Directive and New FCA Rules in 2020 – February 8, 2020
- US SEC Boss Hester Peirce Suggests Three Year “Safe Harbour Period” For Token Sales – February 6, 2020
- China’s Hyperchain Plans to Take on Coronavirus With Blockchain-Fueled Donation Platform – February 6, 2020
- Blockstack Proposes Using Bitcoin, Novel ‘Proof of Transfer’ To Accelerate A Truly User-Owned Web 3.0 – February 6, 2020
- Hack Blockchain To The MAX! €15.000 Prizepool at MAXathon in Berlin April 18-19, 2020 – February 6, 2020
- Chiliz And Enjin To Launch Blockchain Collectibles Using NFTs For The Likes of Juventus, Paris Saint-Germain, Atlético de Madrid and West Ham – February 6, 2020
- MIT Researchers Claim to Boost Bitcoin and Cryptocurrency Blockchain Transactions By 4x with New ‘Spider’ Routing Scheme – February 4, 2020
- Canada’s Blockchain Intelligence Group Signs USD$540,000 Contract with United States Feds – February 4, 2020
Also published on Medium.
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