Bitcoin Drops Below $8,000 Amidst Coronavirus Global Threat – Panic In Italy After Leaked Plans To Quarantine 16 Million
Bitcoin and crypto enthusiasts were hoping to see a better start of the week, but it seems that things get worse with each passing day.
The market is down, and the crypto market is seeing the same negative impact. The main reason is the increasing panic that’s created worldwide about the spread of the new coronavirus.
For instance, in Italy, chaos is surging as the leaked official plans to quarantine 16 million people reached the press.
DualDove writes that the whole of Lombardy, which includes Milan and 14 provinces across the worst-affected northern regions, had been shut down until April 3 as Italy is struggling to contain the spread of the virus.
The whole of Lombardy, which includes Milan and 14 provinces across the worst-affected northern regions, had been shut down until April 3 as Italy is struggling to contain the spread of the virus.
At the moment of writing this article, 7,375 people have been affected in Italy by the virus.
Thousands of people jumped into their cars or crowded train stations after a draft decree that’s banning people from leaving or entering the region was revealed by Corriere Della Sera late on Saturday afternoon.
Another Bitcoin correction left the price of Bitcoin trading at around $8,500 the other day, but it seems that now, prices are going even lower.
Bitcoin is seeing a new correction
One of the important analysts who predicted the start of Bitcoin’s 2019 retreat said that BTC might see a new correction.
Sure enough, daily momentum looks to be turning around for a bounce… pic.twitter.com/nzuvK5mNkS
— dave the wave (@davthewave) March 4, 2020
Analyst Dave the Wave told his followers that he believes BTC remains in a descending triangle that dates back to late 2018.
He expects a short-term bounce before another sell-off that could bring BTC to $8,300 sometime between March and May.
At the moment of writing this article, BTC is trading in the red, and the most important coin is priced at $7,971.60.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.