{"id":8397,"date":"2020-03-12T17:03:40","date_gmt":"2020-03-12T15:03:40","guid":{"rendered":"https:\/\/forklog.media\/?p=8397"},"modified":"2020-03-12T17:03:40","modified_gmt":"2020-03-12T15:03:40","slug":"bitcoin-price-dropped-below-6000-and-keeps-sinking","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-price-dropped-below-6000-and-keeps-sinking\/","title":{"rendered":"Bitcoin Price Dropped Below $6,000 and Keeps Sinking"},"content":{"rendered":"<p>Today, on March 12, the price of Bitcoin dropped below $6,000, at some point reaching $5,900 on the Bitstamp exchange.<\/p>\n<p><!--more--><\/p>\n<p>The chart below shows that the price drop was abrupt, amid an impressive surge in trading volumes:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/btcusd-3-1024x592.png\" alt=\"Bitstamp BTC\/USD chart\" width=\"1024\" height=\"592\" \/><\/p>\n<p><i>Bitstamp <\/i><i>BTC\/USD<\/i><i> chart. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BITSTAMP\">TradingView<\/a><\/i><\/p>\n<p>The top ten most capitalized assets right now look like this:<\/p>\n<p><a href=\"https:\/\/forklog.com\/en\/wp-content\/uploads\/2020\/03\/photo_2020-03-12_16-39-00.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-8400 size-large\" src=\"https:\/\/forklog.com\/en\/wp-content\/uploads\/2020\/03\/photo_2020-03-12_16-39-00-1024x548.jpg\" alt=\"Top 10 cryptocurrencies by market cap\" width=\"1024\" height=\"548\" srcset=\"https:\/\/forklog.com\/en\/wp-content\/uploads\/2020\/03\/photo_2020-03-12_16-39-00-1024x548.jpg 1024w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2020\/03\/photo_2020-03-12_16-39-00-300x160.jpg 300w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2020\/03\/photo_2020-03-12_16-39-00-768x411.jpg 768w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2020\/03\/photo_2020-03-12_16-39-00-470x251.jpg 470w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2020\/03\/photo_2020-03-12_16-39-00.jpg 1051w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n<p><i>Top 10 cryptocurrencies by market cap. Source: <\/i><a href=\"https:\/\/coinmarketcap.com\"><i>Coinmarketcap<\/i><\/a><\/p>\n<p>Most of the top cryptocurrencies dropped by almost 30%. The Tether stable coin repeatedly lost parity with the underlying dollar.<\/p>\n<p>Binance CEO Changpeng Zhao reported some delays and malfunctions. According to him, the load on the system today was 5 times higher than previous peak values.<\/p>\n<p>https:\/\/twitter.com\/cz_binance\/status\/1238070877289353217<\/p>\n<p>According to trader Alex Krueger, the popular Chainlink token (LINK) at some point collapsed by 99.9%, to the level of $0.0001.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$LINK<\/a> traded 0.0001, down 99.99%. <a href=\"https:\/\/t.co\/0etkoNxywk\">pic.twitter.com\/0etkoNxywk<\/a><\/p>\n<p>&mdash; Alex Kr\u00fcger (@krugermacro) <a href=\"https:\/\/twitter.com\/krugermacro\/status\/1238064291791716352?ref_src=twsrc%5Etfw\">March 12, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The panic sale lowered the price of Bitcoin below $5,550 on the Binance futures platform.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1111-1-1024x473.jpg\" alt=\"Binance BTC price chart\" width=\"1024\" height=\"473\" \/><\/p>\n<p><em>Binance BTC price chart. Source: <a href=\"https:\/\/www.binance.com\/en\/trade\/BTC_USDT\">Binance<\/a><\/em><\/p>\n<p>Bitcoin positions worth $900 million were liquidated on the BitMEX crypto-derivative exchange.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/photo_2020-03-12_15-05-34.jpg\" alt=\"BitMEX long and short positions\" width=\"1178\" height=\"942\" \/><\/p>\n<p><em>BitMEX long and short positions. Source: <a href=\"https:\/\/datamish.com\/btcusd\/24h\">Datamish<\/a><\/em><\/p>\n<p>Following the unraveling panic, the cryptocurrency \u201c<a href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\">fear and greed index<\/a>\u201d has reached a new low of 14 (\u201cextreme fear\u201d).<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/fear-1.png\" alt=\"Crypto Fear &amp; Greed index\" width=\"719\" height=\"378\" \/><\/p>\n<p><em>Crypto Fear &amp; Greed index. Source: <a href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\">Alternative.me<\/a><\/em><\/p>\n<p>The total capitalization of the cryptocurrency market <a href=\"https:\/\/coinmarketcap.com\/charts\/\">decreased<\/a> by about a quarter.<\/p>\n<p>A sharp drop in the price of Bitcoin occurred against the backdrop of the continued collapse of traditional markets. The key European stock indices: German DAX, French CAC and British FTSE 100 have fallen by 6%. Futures on the S&amp;P 500 signal the opening of the US stock market with at least a 4.5% fall. The value of traditional protective assets (gold, the Japanese Yen, and US treasury bonds) is slightly increasing.<\/p>\n<p>The trigger for a new round of hectic sales in the stock market was the World Trade Organization&#8217;s recognition of the outbreak of the coronavirus as a global pandemic, as well as the introduction by the U.S. President Donald Trump of a ban on entering the United States from Europe.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Trump&#39;s coronavirus travel ban announcement was made apparently without consultation with the travel industry or US allies and seems set to cause massive disruption | Analysis by <a href=\"https:\/\/twitter.com\/StCollinson?ref_src=twsrc%5Etfw\">@stcollinson<\/a> <a href=\"https:\/\/t.co\/h4YykHyaQL\">https:\/\/t.co\/h4YykHyaQL<\/a><\/p>\n<p>&mdash; CNN (@CNN) <a href=\"https:\/\/twitter.com\/CNN\/status\/1237988968056193025?ref_src=twsrc%5Etfw\">March 12, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Investors continue to raise interest rates on the approaching crisis in the global economy.<\/p>\n<p>Stay tuned.<\/p>\n<p><b>Follow us on\u00a0<\/b><a href=\"https:\/\/twitter.com\/forklogmedia\"><b>Twitter<\/b><\/a><b>\u00a0and\u00a0<\/b><a href=\"https:\/\/www.facebook.com\/forklogmedia\"><b>Facebook<\/b><\/a><b>\u00a0and join our\u00a0<\/b><a href=\"https:\/\/t.me\/forklogmedia\"><b>Telegram channel<\/b><\/a><b>\u00a0to know what\u2019s up with crypto and why it\u2019s important.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today, on March 12, the price of Bitcoin dropped below $6,000, at some point reaching $5,900 on the Bitstamp exchange.<\/p>\n","protected":false},"author":6,"featured_media":8398,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"human_written","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,480,30,172],"class_list":["post-8397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-bitcoin-price","tag-cryptocurrency","tag-markets"],"aioseo_notices":[],"amp_enabled":true,"views":"751","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/8397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=8397"}],"version-history":[{"count":2,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/8397\/revisions"}],"predecessor-version":[{"id":8402,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/8397\/revisions\/8402"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/8398"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=8397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=8397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=8397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}