"Volatility" is probably an understatement for the current conditions. Following the general markets, most cryptocurrency assets took a dive today, challenging their heretofore assumed status as safe havens and bringing a host of questions of what happens next. CoinDesk is here to guide you through it.
Coronavirus fears are absolutely killing the market. News about infections, event cancellations and a U.S. travel ban from Europe are devastating markets everywhere, including cryptocurrencies.
Bitcoin experienced its worst sell-off in seven years as investors seek a flight to safety. Cryptocurrencies across the board are taking a beating as traditional markets continue to get hammered.
Government bonds are really the only thing trending up, as 30-year U.S. Treasurys are in the green, a safe haven along with cash at this very moment.
"In a panic as severe as this one, investors are racing to safety in the form of cash," noted Alex Mashinsky, CEO of cryptocurrency lender Celsius Network.
BitMEX Exacerbates Fall
The largest cryptocurrency derivatives exchange, Seychelles-based BitMEX, saw substantial liquidations Thursday, to the tune of $700 million — its most in 16 months.
Ethereum's Largest-Ever Drop
Ether suffered a 33 percent drop, a bloodbath never before seen for the second-leading cryptocurrency by market capitalization. Continued selling could cause the DeFi market serious pain.
A drop from around $8,000 yesterday to under $6,000 today is a head-spinning dump. However, long-term cryptocurrency advocates know volatility is nothing new.
LISTEN: What Central Banks Are Doing
Adam Levine and John Biggs talk about the downward trend in markets, what central banks are doing to contain economic problems and the oscillation of risk-on and risk-off assets.
Tweet of the Day
Michael Arrington is CEO of Arrington XRP Capital, a cryptocurrency fund that marks its investments in XRP, the third largest cryptocurrency and along with other assets is a total dumpster fire.
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Bloodbath for Crypto