The world’s most popular cryptocurrency dropped to $4,290 from a little over $8,000 on March 12nd. On the following day morning, the Bitcoin price dropped to $3,637 which is the lowest point for a long time. Shortly after it bounced back to $5,200. In 2019, the Bitcoin price was around $12,000. During this period, Bitcoin also dragged down prices of other cryptocurrencies with it.
Although it seems like there is no direct connection between coronavirus and cryptocurrencies, uncertainties in the economy caused by the outbreak obviously affects the cryptocurrencies. Although Bitcoin jumped back to $5,000 within minutes, it gives us a hint about the possible drastic changes in the near future. Many experts claim that Bitcoin prices won’t be as high as last year for a foreseeable future.