The week was marked by the fall of absolutely all markets. Cryptocurrencies have lost about half of their value. Coronavirus played an important role in this bloody parade. Nevertheless, we do not stop working and have already announced the upcoming global updates of the BTCNEXT exchange. Read about all the events and plans for the future below!
Coronavirus managed to put strong pressure on financial markets. World Health Organization announced a pandemic, and this caused panic among traders. Indices and stocks were on the brink of the abyss after a stunning collapse in oil prices and the coronavirus pushed them. The collapse of traditional markets on March 12 2020, will go down in history since there has not been such a fall since Black Monday 1987.
Traditional markets drop
The main US indices (S&P500, Dow Jones, Nasdaq and Russell 2000) closed with a record loss of 9–12% at the end of the trading day. The situation in the stock market was similar:
- Tesla: -36%
- Backlash: -69%
- Facebook: -24%
- Uber: -45
- Interest: -59%
Crypto market free fall
Cryptocurrencies followed the market. Positions in Bitcoin and gold have helped block margin calls in classic markets. It is more profitable for investors to lose cryptocurrency and let this part of the capital be spent on operating expenses than close positions in traditional markets. The BTC sales pushed the price of the main cryptocurrency to $3,800 at some point, however, Bitcoin managed to return above $5,000 within hours.
As for Ethereum, the price of the second cryptocurrency fell below $100. Now the price has returned above $120.
The week turned out to be catastrophic for the crypto market:
- BTC: -42%
- ETX: -48%
- HRR: -38%
- BH: -52%
- LTC: -45%
Surprisingly, BNX and NOAHP token managed to sustain the crypto market drop and didn’t lose their value. Their prices left without changes since the last week. But the price of QDAO followed the market and lost 50% of its value.
The further situation is still unambiguous. The markets calmed down for a bit, but the risks of further decline still remain. The crypto market will follow on the classic. Now we are witnessing attempts of BTC to bounce back. Bitcoin will continue the upward trend that it showed at the beginning of the year and will pull the entire market in the medium term.
BTCNEXT Exchange updates
We are fully focused on the upcoming global updates of the BTCNEXT Exchange, which we wrote about in a previous article. You can find out more about them by clicking on the link.
This week we added an educational video in Japanese to the BTCNEXT Broker website, and also spoke in detail about all the upcoming exchange updates. Be sure to watch the stream record to stay informed.
Here are some figures from the last week:
- The number of BTCNEXT Exchange users has grown by 3%.
- Weekly volumes are stable and fluctuate in a 10% range from average values.
These are all weekly updates. Be sure to come back exactly after a week, because the BTCNEXT Exchange will be updated in the coming days.
To learn more about BTCNEXT, visit our official website.