Gold is down, stocks trigger circuit breakers, Italy goes on lockdown, Bitcoin follows with the biggest daily drop as a result of COVID-19 outbreak. The week in recap by BTCMEX.
Break’N Crypto — Fintech news by BTCMEX
Economies all over the world continue to suffer from the impact of COVID-19 pneumonia outbreak. The whole countries are going on lockdown, central banks cut interest rates, stocks trigger circuit breakers. Gold is down. Coronavirus hit everything from stocks to Bitcoin. Find the details in Coronavirus special on BTCMEX.
For the second time in its history, the New York Stock Exchange stopped trading when a market drop triggered the exchange’s internal circuit breaker, shortly after 9:30 am on March 13. The system was implemented after the Black Monday stock crash of 1987, when major exchanges fell 20% in one day.
Shortly after cutting the interest rates by 0.5%, the Federal Reserve of America announced the 1.5 trillion USD injection to support the trembling financial system.
Meanwhile BTC/USD price suffered a huge volatility resulting in the biggest daily price drop in Bitcoin history. The March 13th, 2020, drop occurred on the highest volume spike seen since February 2018 and it pulled the price below key supports at $6,800 and $6,400 to a new 2020 low at $5,713. According to the experts, the steep correction in the US stock market together with a lack of buying demand as Bitcoin’s price fell to the low $5,000 levels ultimately led the price to decline to $3,600, triggering mass liquidations on some famous crypto derivatives exchanges.
The investors are extremely anxious about the markets, everybody is selling everything and losing on their equity portfolios, just like it was seen during the financial crisis of 2008–2009. Experts predict that Italy is likely to become the first country to enter the extreme market crisis, as well as the markets to fall a lot more in the nearest future. More measures are to be taken by the fin regulators all over the world.
Read the full recap on BTCMEX.
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