March 12 will be remembered as one of the biggest single-day crashes in the history of cryptocurrency markets. The prices of literally all cryptocurrencies have jumped off the cliff, with Ethereum losing 27% in a span of 24 hours. While this must have come as a shock for the holders of Ethereum and those who had for some reason went long on this coin in the last couple of week, traders who were foresighted enough to short this coin, as well as the overwhelming majority of other cryptocurrencies, were probably jubilant about such an unprecedented pride drop.
Ethereum’s performance against three major currencies
The obvious cause for such a panic sale was the news that came on March 11 from the World Health Organization (WHO) that had officially declared the coronavirus to be a global pandemic. This announcement caused a massive crash not only on the cryptocurrency market but on all traditional ones as well. Even gold, which is inarguably the best performer among other assets amid the rising crisis, has dropped by 3% on the day.