The cryptocurrency crash takes bitcoin below USD 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.
The latest drop means more than USD 50 billion has now been wiped from bitcoin’s overall value since the start of March. It is one of the most severe crashes for the notoriously volatile cryptocurrency, which traded at close to USD 20,000 in late 2017.
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