Bitcoin crashes to $6,100 loses over $1200 in less than an hour

Bitcoin (BTC) market cap has just lost $22
billion as the coin’s price dropped from $7,360 to barely above $6,000. This is
the first time that the coin has seen such a severe crash since May 2019, when
it lost around 20% of its value in less than a day.

According to information from CoinMarketCap, the drop that the coin has experienced in the last hour represents a 21.34% drop.

The initial drop was even more severe, and the
coin actually lost $1,500, briefly dropping to $5,900 before a recovery took
place, taking it back up to $6,700. After that, the price dropped yet again to
$6,400, and then to the current $6,000.

The changes are happening extremely rapidly,
and the coin appears to be more volatile than ever. The coin’s market cap
currently sits at $111,14 billion, down from almost $142 billion which it had
this time yesterday.

The altcoin market follows
Bitcoin’s crash

The rest of the market is not performing better, either. Ethereum, the second-largest coin by market cap, is currently spiraling down by 30.80%, with its current price sitting at $136.62, while XRP, the third-largest crypto, currently sees a drop of 26.15%, with a price of $0.153.

The coin that is currently seeing the largest losses among the top 10 list is Tezos (XTZ), the 10th largest crypto, which is losing 38.31% at the time of writing. Meanwhile, Bitcoin Cash is dropping by 33%, Bitcoin SV by 33.97%, Litecoin by 30%, EOS by 31.46%, and Binance Coin by 32.15%.

Meanwhile, the volume of Tether (USDT) is on a
sharp rise, as traders and investors around the world are trying to escape the
crash by purchasing stablecoins.

As for the cause behind the global sell-off, it still
remains uncertain, although it is most likely the result of the World Health
Organization (WHO) declaring the coronavirus outbreak a global pandemic.