Coronavirus Is Killing Cryptocurrency Prices As Bitcoin Loses 20% Of It’s Value

The price of bitcoin has plummeted dramatically, losing 20 per cent of its value in less than an hour.

The cryptocurrency crash takes bitcoin below $6,000 – its lowest value since 2019.

Several other major cryptocurrencies also experienced significant losses, with bitcoin cash losing around a third of its value.

Some cryptocurrency analysts have blamed the Covid-19 coronavirus outbreak, which has had a heavy impact on the global economy.

“Bitcoin has fallen as cryptocurrencies become caught up in the turmoil we’re seeing in traditional markets,” Simon Peters, a market analyst at online trading platform eToro, told The Independent.

“Previously seen as a possible safe haven in difficult times, investors now seem to be selling out to take back liquidity in case the coronavirus spreads even further. In a time of uncertainty, many investors might feel it is better to own cash or gold rather than more speculative cryptocurrencies like bitcoin.”

The deadly virus, which was declared a pandemic by the World Health Organisation on Wednesday, has seen stocks endure near-continuous losses in recent weeks.