It took 19 days for the stock market to go from an all-time high to a bear market due to fears of the COVID-19 coronavirus. Cryptocurrencies took less than a day.
At 9 am. ET, Bitcoin is down 23%, according to CoinMarketCap. Other cryptocurrencies reflected those declines, with Ethereum dropping more than 30% and XRP dropping 24%.
The fall began around 6:30 a.m. ET Thursday, with Bitcoin prices dropping 12% over the course of just 30 minutes. In the last 24 hours, Bitcoin’s market capitalization has dropped by $ 33 billion.
The big swings come as stocks tumble globally on fears of the growing coronavirus pandemic. They also go against the argument of Bitcoin enthusiasts that the digital currency is a safe haven when traditional markets are in crisis.
