Not even a month has passed, but the market sentiment has already switched from optimism to extreme fear that stems from the threat of coronavirus pandemic, which has now engulfed the entire planet and affected the cryptocurrency market, as well as all other markets, except for the gold one, in an immensely negative way.
Crypto Fear & Greed Index
Bitcoin, oil, and S&P 500 are going under
As of the time of writing, the oil prices have collapsed by 32%, the most significant one-day decline since the Gulf War of 1991, which dragged down the currencies of the countries whose economy is based on the export of oil and gas. The S&P 500 index, to which Bitcoin has the largest correlation among other conventional markets, has dropped by 8% on the day. All these occurrences have had a direct impact on the price of Bitcoin, which had already waved farewell to the uptrend that had been shaping up during the first months and a half of the year.
1-day BTC/USDT chart