Financial markets this week have so far taken quite a hit amid the coronavirus scare. With worries of economic slowdown occupying many minds, investor’s fears are certainly being reflected in every corner of global markets. Here is what’s been going on with Crypto markets.
Red All Across the Board
Stock markets globally were significantly in the red both Monday and Tuesday this week, with Crypto shortly following suit.
The top 3 cryptocurrencies in terms of market cap (Bitcoin, Ethereum, and Ripple respectively) were each in the red the last few days.
This may come as a surprise to many investors expecting cryptocurrencies such as Bitcoin to capture some of the liquidity leaving other markets. However, it seems very few (if any) markets have been spared in recent days.
Bitcoin Performance: Monday – Wednesday
On Sunday at 19:00 (UTC) Bitcoin (BTC) began it’s decline this week after reaching a high of
$10,025. By the next day at the same time, prices were already fluctuating below $10K around levels of $9,600. This was around a 4% fall from Sunday to Monday.
On Tuesday at 09:00 (UTC), Bitcoin went from the $9,600 levels down to the $9,300 ones – a bit over a 3% decline. However, as prices fluctuated at this level for a few hours, a bigger loss was taken Today, Wednesday Feb. 26th.
At 07:00 (UTC) today, Bitcoin tried recovering from its fall by rising approximately 1.3% in a span of two hours (07:00 – 08:00 UTC). However, the hour of 08:00 (UTC) ended with Bitcoin closing in the red at around $9,000. Within a span of just 3 hours, Bitcoin hit a low of $8,620 – around a 4.2% decline from it’s level of $9,000 hours before.
At the time of writing Bitcoin is currently within the $8,700 levels – a staggering 13% decline from it’s Sunday high of $10,025.
Ethereum Performance: Monday – Wednesday
As for Ethereum (ETH), prices of the crypto moved in a very similar fashion to that of Bitcoin. On Sunday at 19:00 (UTC) Ethereum also reached a high of $278 before falling over 4% to around $265 the same time next day.
At 06:00 (UTC) on Monday, ETH experienced over a 2% increase before shortly falling over 6% from a high of $273 to $256 in a span of 6 hours. By 11:00 (UTC) the next day, Ethereum fell a further 3.5% from $256, closing the 11:00 hour candle at $247.
Since then (Tuesday Feb. 25th 11:00 UTC), Ethereum has taken yet another significant hit falling to a low of around $215 AT 11:00 (UTC) Today. In 24 hours, this is a decline of almost 13%.