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Fri, Mar

Bitcoin Price Crashes, Loses Value Per Minutes

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The price of bitcoin and other cryptocurrency has plummeted dramatically, losing 20 per cent of its value in less than an hour, wiping out almost $30 billion from the crypto markets.

This sudden cryptocurrency crash is said to be caused by the global market turmoil sparked by OPEC's failure to agree to a supply cut, hence sending the oil price to historic lows; Some cryptocurrency analysts have blamed the Covid-19 coronavirus outbreak, which has had a heavy impact on traditional markets.

The bitcoin was trading around $10,000 per last week but is now down almost 30% over the last seven days after suddenly plummeting this morning and wiping out all its 2020 gains. Several other major cryptocurrencies also experienced significant losses. The latest fall means more than $50 billion has now been wiped from bitcoin’s overall value since the start of the month.

This will be one of the most severe crashes for the notoriously volatile cryptocurrency, which traded at close to $20,000 in late 2017.

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