Bloody 5th day: Why Bitcoin crashed to $ 6,000?

Large ‘bleed’ market

In the past hours, the bitcoin price has dropped more than 20%, dragging the entire altcoin market 'bloodshed'.

Today March 12, 2020, the bitcoin price recorded its first decline below $ 6,000 since May 2019.

Bitcoin exchange rate today

Tonight's bitcoin exchange rate (March 12) recorded at 20h50 at $ 5,919, down 23.92% from the previous 24 hours - according to the BTA's bitcoin exchange rate (https://blogtienao.com/ty-gia/BTC/bitcoin/).

On the market, among the top 100 covered with a crimson-like blood, there are 96/100 cryptocurrencies that have decreased compared to the past 24 hours.

In which most of the people have reduced over 20%, some even recorded a reduction of 30-40%.

Overview of the cryptocurrency market

COVID-19 affects investor sentiment

Recently, the World Health Organization (WHO) officially declared the outbreak of the Covid-19 epidemic as a global pandemic.

The cryptocurrency market is moving step by step with panic just like the traditional markets (stocks ...) because of COVID-19.

Corona virus is causing chaos in the stock market, as in the session on March 12, the stock indices on the US stock market simultaneously dropped sharply by over 7%, causing the market to temporarily stop trading. 15 minutes.

When the market resumed trading after a few minutes of pause, the indices continued to plunge. The S&P 500 index fell 8.3% and fell into the bear market, which is a decline of more than 20% from the historic peak set in February recently.

In addition, indices of other stocks also suffered heavy losses during the sell-off session, Royal Caribbean lost 26.6%; Carnival and Norwegian Cruise Line plunged 19% and 27.6%, respectively.

In a recent speech, President Donald Trump said the US would impose a ban on moving from Europe to the US in the next 30 days to prevent the spread of the COVID-19 epidemic.

Stoxx 600 stock indexes across Europe, France's CAC, Britain's FTSE and Germany's DAX dropped 10% after President Trump's announcement of a policy banning Europe-to-US migration. Many stocks dropped 20-30%.

Expected to $ 6,000 by CEO BitMEX

Recently, Bitmex CEO Arthur Hayes wrote:

"Bitcoin is insecure due to the current turmoil and believes that bitcoin price could retest $ 6k."

However, Arthur Hayes reassured investors that should not be too worried.

"You have to go down to go up, bitcoin is still a safe haven asset, although it could drop to $ 6,000 but I believe bitcoin is fully recoverable to $ 20,000 by the end of this year."

According to Arthur Hayes, it is the corona virus that is affecting the psychology of investors.

“They will dump prices into a bearish market. That will push prices lower on the margins. ”

Whales move BTC when the price returns to USD 6,000

When the price of bitcoin dropped to $ 6,000, Whale Alert recorded BTC whale movements, including three moves with 8,000 BTC, two of which were related to Binance and Bistamp.

Huge liquidation on BitMEX

What a bloody day in the cryptocurrency market.

According to datamish, there was 665 million USD Long contract on BitMEX liquidated in 1 hour.

This is only on BitMEX, because there are also many other crypto derivatives exchanges such as OKEx, Binance or Huobi.