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Bitcoin price slumped to its lowest level in 2020 below $ 7,400 after Trump issued a ban on Europe

    Bitcoin's Hashrate has collapsed 40% mysteriously

    Bitcoin (BTC) has just fallen to its lowest level this year as the panic about the COVID-19 epidemic continues to engulf cryptocurrencies and traditional markets.

    Overview of the daily cryptocurrency market. Source: Coin360
    Overview of the daily cryptocurrency market. Source: Coin360

    BTC price drops by 7%

    Data from Coin360 and Cointelegraph Markets shows that the BTC / USD pair has slipped below $ 7,400 on March 12 – an all-time low since January 3, 2020.

    Daily chart of BTC price. Source: Coin360
    Daily chart of BTC price. Source: Coin360

    At the time of writing, BTC was hovering around $ 7,330 when it responded to news that US President Donald Trump announced a suspension of all flights to Europe for 30 days.

    Trump, who has previously denied that corona virus is a threat, maintains that the risk of COVID-19 to most Americans is “very, very low”.

    However, that is not enough to soften the market, when the Dow Jones unexpectedly fell 20% from the recently established high. In London – excluded from travel bans from the US, FTSE also dropped by 5.1%.

    Hash rate decreased from peak

    As Toiyeubitcoin reported, analysts are now expecting Bitcoin to move step by step with the chaos of the market due to the lack of experience as a safe haven asset.

    The fundamentals of the network's technical aspects are promising – which recently hit a new record, which is also stressful now. Hash rate – a measure of the computer resources miners spend on validating blockchain, has fallen from an all-time high this week.

    Bitcoin network hash rate. Source: Blockchain
    Bitcoin network hash rate. Source: Blockchain

    In the short term, if selling pressure persists, CoinTelegraph analyst Michael van de Poppe said Bitcoin could fall to $ 6,400 or $ 6,154.

    “The levels are reached here,” he wrote Twitter when referring to previous failures in holding support higher.

    Readers can update BTC rates and more than 2,000+ cryptocurrencies in real time here.

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    According to CoinTelegraph
    Translated by ToiYeuBitcoin

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