Friday the 13th… The Crypto Industry Has Suffered from a global-scale Virus

One of the biggest falls in the history of the crypto industry took place on Friday 13/03/2020. The Bitcoin exchange rate fell more than twice in just a day by -52% in 24 hours. One of the forefathers of the cryptocurrency updated a new local minimum on this day, which was equal to $3600 per coin.

The Binance exchange has incurred yet another wrath from users due to the inability to cope with the panic on the cryptocurrency market. This was due to the events of March 13, 2020, which many in the cryptocurrency community will remember as X day. Against the backdrop of a catastrophic collapse in the price of bitcoin by more than 50%, many people decided in a hurry to withdraw funds from cryptocurrency exchanges. But many exchanges have not coped with these ...

At this point, it is the sceptics and nocoiners who are most likely to admire their predictions that the entire world of cryptocurrencies will collapse sooner or later. However, it should be noted that in addition to the oil and gas “war” between the US and Russia, there are a number of factors that, in principle, have significantly shaken such a sensitive mechanism as digital asset exchanges and stock exchanges.

The global epidemic of the rapidly developing coronavirus has caused public unrest all over the planet and panic among many traders. Global oil production has increased so much that its value fell by 30%, which significantly brought down stock exchanges and the market of valuable assets. This is a record collapse since 1987.

Here is a brief summary of these events:

• BTC has updated a new local low at $3,600. Market capitalization reached $118 billion;
• During the day, BTC at its peak was losing -$4000, showing a fall of -52%;
• $5.33 billion in liquidations in 24 hours;
• Trading was stopped on BitMEX (trading has now resumed);
• Binance fell under the influence of user panic;
• All markets fell: Dow Jones -28%, SP500 -26%, Nasdaq -26%, and even gold -8%.

In addition, the Bitcoin exchange rate continued to plummet, and many other cryptocurrencies followed it. This reaction was provoked by the statement of US President Donald Trump on the 30-day ban on air travel to the US from Europe in connection with the coronavirus pandemic.

For owners of cryptocurrencies, now the best option is to keep the cryptocurrency in the BTC/USDT ratio of 50/50. This is the safest scenario with both way traffic insurance under the current market situation.

Despite the fact that our service provides crypto exchange, we primarily care about the quality of our services, whether it is information about events in the world or in the field of cryptocurrencies, or the provision of services for buying or selling cryptocurrencies, but at the moment it is better not to give in panic, and do not forget that stability in any form is the key to reliability.

Follow our news to always be aware of the most significant events in the crypto industry.