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Bitcoin becomes another Corona casualty

XAUUSD News by Newsroom on 21:14 March 12, 2020 EST

Bitcoin Price Crashes 25% in 1 Hour Below $4,500 in Coronavirus Panic.

Oh well, another one bites the dust. It was increasingly clear that the crypto currency was neither becoming a prevalent medium of exchange -nobody in the real world buys or sells items with it- nor was a safe storage of wealth -as crypto was unable to rally during the first stages of the markets turmoil-.

And today the crypto, I mean, the penny dropped. Literally a month ago you could sell your 1 bitcoin for $10,000 today you will manage to exchange it for $4,400 at the time of writing and most of the decline happened today in flash crash style.

Cryptos will need a miracle to recover from this as will those cryptobelievers to whom the market gave so many warnings that they decided to ignore.