The cryptocurrency market has suffered a setback too, due to the ongoing novel coronavirus pandemic. Bitcoin, the lead crypto took a sharp nosedive in the second week of March reaching a low of $3600. The coin then quickly rallied to $5260 and at present stalls at $6600.
On Sunday, BTC suffered a 1.75 percent loss and dropped to $6100, which gradually climbed to $6600 and has been stalling there since.
If we go by the weekend trends of the coin, market analysts predicted the prices to hit lower than the present mark, considering the current bearish scenario of the global markets. Some analysts are expecting the price to dive down to $5200 if the coin doesn’t show any signs of rallying in a couple of days.
The crypto market, according to financial experts and analysts has taken a hit along with the global stocks and equities market due to the novel coronavirus pandemic crisis. The US markets experienced its worst sell-off in March with the market indexes plummeting rapidly, and hasn’t shown any signs of steady revival yet.
The shutting down of businesses caused due to nationwide lockdowns initiated around the world to prevent the spread of the virus has increased the number of unemployment, a problem that had been gradually brewing for a few years now. The pandemic situation just worsened that situation, wreaking the global economic equilibrium. All have contributed to the markets turning bearish which has impacted the crypto prices as well.
Market analysts are still hoping for the prices to rally upwards in the coming days, the rest is yet to be seen.