Cryptocurrency markets continued to slide lower on Thursday, with Bitcoin’s price falling to roughly $5,705 before recovering to a little over $6,100 in the early afternoon, Bloomberg reports. That drop of about 23% took place amid a continuing slide in global stock markets, and just one day after the World Health Organization declared the coronavirus a global pandemic.
CRUXPay CEO Ashish Singhal noted:
“Crypto prices are once again riding on the same panic wave as that of stock markets, which are the worst we have seen in a long time. Amid WHO declaring Coronavirus as a pandemic, the global oil price war, and Trump suspending travel from Europe to the U.S., the world economy is taking a huge blow, and crypto seems to have been caught in this whirlwind.”
Meanwhile, trading on the New York Stock Exchange was halted shortly after the opening bell, as the markets dropped more than seven percent in a matter of minutes. That drop was followed by another 2,000 point drop after trading resumed. Experts say that the Dow and S&P 500 are both now in official bear market territory.
European stock markets experienced a similar slump today, diving to levels unseen in more than three years, with some analysis attributing the panic to last night’s news that the U.S. President is imposing a 30-day ban on travel from Europe.