Bitcoin tanked Thursday and fell below $6,000 for the first time since May amid a larger global market sell-off as investors panic about the spread of coronavirus.
The cryptocurrency briefly fell to as low as $5,705.31, according to Bloomberg data. Later Thursday morning, the price had recovered some of its loses and traded around $5,960 — down about 25% from Wednesday's close. The Bloomberg Galaxy Crypto Index fell as much as 29%, while the Grayscale Bitcoin Trust lost as much as 7%.
The largest digital currency led a rout of other coins — Ethereum, Litecoin, and Ripple also plummeted Thursday.
"The short-term outlook for Bitcoin remains bearish, as investors are clearly not looking at Bitcoin as a safe haven asset," Matthew Dibb, co-founder of the institutional-grade platform Stack, told Business Insider in an email.
Other safe-haven assets have also slipped, reflecting that investors are not snapping them up at the same rate amid market panic. The yield on the 10-year US Treasury bond gained Thursday, showing that investors were selling the long-term bonds instead of buying. Gold, another safe-haven asset, was down more than 1% Thursday.
| ICOs | Rating | Days left | |
|---|---|---|---|
| 1 | 2local | 5 | 5 |
| 2 | PointPay | 5 | 176 |
| 3 | Geco.one | 4.9 | 33 |
| 4 | Pawtocol | 4.9 | 33 |
| 5 | Ledder | 4.9 | 63 |
| 6 | DogData | 4.9 | 64 |
| 7 | Tycoon | 4.9 | 94 |
| 8 | SerenitySource | 4.9 | 94 |
| 9 | Curate | 4.9 | 124 |
| 10 | IdeaFex | 4.9 | 507 |
| Сryptocurrency | CVIX | Price | Change, 24h |
|---|---|---|---|
| Bitcoin | 68 | $31 779.57 | -4.02% |
| Ethereum | 80 | $1 316.37 | -5.96% |
| Tether | 1 | $1.00 | 0.03% |
| Polkadot | 94 | $17.07 | -5.83% |
| XRP | 64 | $0.266300 | -3.00% |
| Cardano | 88 | $0.339500 | -3.94% |
| Chainlink | 84 | $22.89 | -6.51% |
| Litecoin | 67 | $135.12 | -4.76% |
| Bitcoin Cash | 65 | $431.62 | -3.61% |
| Binance Coin | 43 | $40.66 | -3.75% |
| Exchange | Volume change, 24h | ||
|---|---|---|---|
| 1 | Binance | 9.57% | |
| 2 | Binance.KR | 17.13% | |
| 3 | EtherFlyer | 41.08% | |
| 4 | ZG.com | 46.22% | |
| 5 | HBTC | 12.52% | |
| 6 | Dsdaq | 14.07% | |
| 7 | Hydax Exchange | 14.76% | |
| 8 | CITEX | 10.86% | |
| 9 | Mexo Exchange | 14.97% | |
| 10 | WBF Exchange | 13.45% |
