This morning, USD / BTC bitcoin pairing crashed in a serious way, showing that even digital currencies are affected by COVID-19 panic *. COVID-19 is the official name of the new coronavirus. It is a disease that has spread throughout the world from Wuhan Province in China over the past weeks or months. Bitcoin has crashed from about $ 8,000 to less than $ 5,405.89 in the last 24 hours.
The daily RSI of today’s bitcoin is the second-lowest ever, according to the latest Coin base chart. As the price of Bitcoin drops, so does the price of other major cryptocurrencies such as Ethereum (ETH) and Litecoin. At the time this article is set to be published, the rate of change of the largest cryptocurrencies (via Coinbase, 24-hour chart) is as follows:
–Bitcoin BTC: -43.04%
– Ethereum ETH: -5.17%
– XRP: -10.82%
–Bitcoin Cash BCH: -17.88%
– Litecoin LTC: -11.76%
– Tether USDT: + 0.19%
According to Coinbase, the overall
market for crypto pairs has fallen by 22.37% over the past 24 hours. This may
be related to COVID-19, but another major factor is involved.
* According to chain news, a large amount of bitcoin was transferred this week. “Whale” miners are alleged to have sent 1,000 BTC (more than $ 8 million) to the exchange on March 11, 2020. The whale’s BTC address indicates the mining time from August to October 2010.
“After being mined in 2020, most of the 1,000 bitcoins were never touched,” wrote Chain.info. “Within a few hours of putting together 1,000 BTC transactions, bitcoin has dropped from $ 8,000 to about $ 5,405.89.” This is causal and not necessarily correlated, but the events are indeed very well aligned. It seems that. If you live in the United States, you may have noticed an important note about cryptocurrencies when filing your tax before the April deadline. This is because the IRS’s work has increased in recent months, as cryptocurrencies are a key factor in displaying, transferring, and storing value.