Bitcoin plummets as cryptocurrencies suffer in market turmoil
LONDON: Bitcoin plummeted on Thursday amid wild volatility, with traders citing a sell-off across global markets as fears of the economic damage from the coronavirus pandemic take hold.
The biggest cryptocurrency slumped as much as 24% during morning trading before clawing back some of its losses. It was last down 18% at $6,500, still on course for its biggest daily loss in five years. It has lost around 30% of its value in the last five days, outpacing sharp losses for assets from stocks to oil as the pandemic wreaks havoc on the daily life of millions. “We’ve seen de-risking across all asset markets,” said Jamie Farquhar, portfolio manager at London-based crypto firm NKB. “Bitcoin is certainly not immune to that.” – Reuters