There is a big drop in the value of Bitcoin. Crypto money lost 20 percent of its value within an hour. This depreciation seems much larger than the decline in 2019.
The cryptocurrency Bitcoin is experiencing great decline in value. Bitcoin saw the low value of the last 10 months and dropped to $ 5600. While other cryptocurrencies also saw declines, Bitcoin’s depreciation was much harder.
Experts say Bitcoin has lost one third of its cash value. Cryptocurrency analysts blame the corona virus outbreak for this drop in Bitcoin. The World Health Organization’s announcement of the corona virus as a global epidemic may have caused Bitcoin to fall.
Forecasting the 2008 financial crisis, economy predictor Jesse Colombo warns of another financial collapse. Jesse Colombo told the Independent that the corona virus epidemic caused the recession.
The fall of Bitcoin, the cryptocurrency that was most affected by the corona virus epidemic along with global capitals, has caused Bitcoin to lose more than $ 50 billion since the beginning of the month. Experts think that the fall in Bitcoin will stop in the coming days. In addition to Bitcoin, other cryptocurrencies are also losing value these days.