BREAKING: Bitcoin Crashes 25% in 1 Hour Below $6K in Coronavirus panic

BREAKING Bitcoin Crashes 25 Percent in 1 Hour Below USD 6K in Coronavirus Panic
BREAKING Bitcoin Crashes 25 Percent in 1 Hour Below USD 6K in Coronavirus Panic

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Bitcoin (BTC) made further dramatic losses on March 12, crashes below $6,000 for the first time since May 2019.

Data from Coin360 and Cointelegraph Markets summarized the grim day for Bitcoin traders as BTC/USD hit lows of $6,000.

The selloff intensified through Thursday, with 24-hour losses hitting 20% on some exchanges.

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“And that looks like capitulation to me,” entrepreneur Alistair Milne summarized on Twitter.

As Cointelegraph reported, various analysts, including BitMEX CEO Arthur Hayes, believe the likely bottom for Bitcoin lies at $6,000. 

Altcoins continue to see heavy losses across the board, as cryptocurrencies move in step with panic on traditional markets over coronavirus measures enacted by the United States.

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What You Should Know About the Stock Market Crash an why bitcoin crashes?

There were two main reasons for the crash on Monday. The first involves energy prices falling after Saudi Arabia started an oil price war with Russia. The second is the fact that the coronavirus continues to spread across the world. This has caused a significant impact on the global economy as factories close, workers call in sick and travellers cancel trips to Europe and Asia. Read more here.

What Does Stock Market Crash Mean for Your Investments?

While Monday’s stock market crash isn’t good in the short term, there are some sectors to keep in mind if you’re hoping to make a profit from the crash.

Retailers Walmart and Dollar Tree were among the few stocks in the green on Monday, as consumers rushed to stock up on supplies in the event of a significant coronavirus breakout in the U.S. Healthcare stocks could also benefit in the long term, as scientists rush to find a vaccination.

Tourism and travel industry stocks are the biggest hit from coronavirus fears. The airline industry is expected to lose about $113 billion as a result of travel restrictions to Asia and Europe. If you’re looking to invest in the long term, now could be an excellent time to buy stocks, although the risk that stocks fall even more remains high.

If you’re unsure about individual stocks, you can invest in exchange-traded funds (ETFs) like the Health Care Select Sector SPDR Fund (XLV) and Vanguard Health Care ETF (VHT) or the SPDR S&P Transportation ETF (XTN).

Other investment options include investing in safer assets like metals. If you want to invest in gold, you can invest in gold ETFs like the SPDR Gold Trust (GLD) and iShares Gold Trust (IAU). You can also hold on to your cash and put it in a high-yield savings account or a certificate of deposit offered by banks.

While the coronavirus remains a concern and there are more questions than answers, stay focused on the long term. While you may need to make adjustments in your investments in the short term, the virus has not yet been declared a pandemic by the World Health Organization.

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