Bitcoin Faces Decline Amid Coronavirus Concerns and Economic Shifts

The Bitcoin Price Plunge

In light of recent global events, Bitcoin’s price (BTC) has taken a tumble, much like your New Year’s resolutions after a buffet dinner. Today’s headline act? Reports of coronavirus cases popping up in the UK and Russia are making waves. And just like that, BTC/GBP pair is down over 3.7% since the clock struck midnight.

Market Watching: A 15-Minute Turmoil

Peering closely at the 15-minute intervals, Bitcoin sat cozy at around £7,274 at midnight, but by early morning, it was a slow but steady decline towards despair. By 1:30 p.m., as if on cue, news outlets were abuzz about the confirmed cases, and Bitcoin responded with a price performance that’s been more volatile than a cat in a room full of rocking chairs.

Dramatic Daily Moves

By 2:30 p.m., BTC hit a daily low of £7,015 but managed a brief recovery to £7,086 by 4 p.m. After that, however, it was back into the abyss, yo-yoing down like it was auditioning for a circus act.

Global Impact of the Virus

The health crisis that has established itself globally is impacting more than just Bitcoin. Stocks like the S&P 500 and Dow Jones Industrial Average indexes are resembling a sinking ship, both down more than 1% today. The UK’s FTSE 100 index isn’t fairing any better—also dipping by a substantial margin.

The Currency Anomaly

Interestingly enough, while stocks are sliding, the GBP/USD exchange rate decided to play by its own rules and was up today. Talk about being the contrarian – it’s like going out for ice cream in winter and loving every bite!

Overall Crypto Market Snapshot

Currently, the overall cryptocurrency market cap stands at a hefty $255.7 billion, with Bitcoin staking its claim at a dominance rate of 66.2%. However, it’s not just Bitcoin that’s feeling the heat; major altcoins are following suit. For instance, Bitcoin SV (BSV) is down over 8%, while Bitcoin Cash (BCH) isn’t far behind, dropping more than 5%. On the flip side, if you’re looking for a silver lining in this crypto cloud, NEM has managed to gain over 8% and Ontology (ONT) is rocking a 6% rally.