This morning, the USD / BTC Bitcoin pairing crashed significantly, showing that even digital currencies are unaffected by the COVID-19 panic *. COVID-19 is the official name of the new coronavirus. The disease has spread worldwide from Wuhan Province, China, over the past few weeks and months. Bitcoin just crashed in a major way from about $ 8,000 to less than $ 6,000 in the last 24 hours.
Bitcoin's daily RSI today is the second-lowest ever on the latest Coinbase charts. As the price of Bitcoin goes down (to the US dollar), so does the price of other major cryptocurrencies like Ethereum (ETH) and Litecoin. At the time this article was set to be published, the maximum cryptocurrency rate of change (Coinbase, via 24-hour chart) is:
– Bitcoin BTC: -22.27%
– Ethereum ETH: -27.56%
– XRP: -17.82%
– Bitcoin Cash BCH: -27.01%
– Litecoin LTC: -26.6%
– Tether USDT: + 0.2%
According to Coinbase, the entire cryptocurrency pair market has fallen 22.37% in the last 24 hours. This may have something to do with COVID-19, but another big factor.
* According to chain news, a large amount of Bitcoin was transferred at once this week. "Whale" miners sent over 1000 BTC (equivalent to over US $ 8 million) to the exchange on March 11, 2020. The BTC address of this whale shows all mining times from August to October 2010.
"Most of the 1,000 Bitcoins haven't been touched since they were mined in 2020," writes http://Chain.info. "Within a few hours of putting together 1,000 BTC transactions, Bitcoin dropped from $ 8,000 to about $ 7,500." This is causal, not necessarily a correlation, but the event is certainly very good. It seems that they are lined up.
If you live in the United States, you may have noticed an important note about cryptocurrencies while filing your tax returns by the April deadline. This is due to the increased efforts on the part of the IRS in recent months, as cryptocurrencies have become an important element of value viewing, transfer, and storage.
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