Bitcoin News Today – Headlines for March 12

  • Bitcoin starts a fresh downtrend after a daily close over the $7,700
  • The fears of a greater outbreak of COVID-19 affects the stock market and Bitcoin
  • Bitcoin is likely to plunge further if S&P 500 and other indices continue to head south

Bitcoin News Today – The digital currency is still deep in the red and everything is going faster than anyone expects. Bitcoin has been at the receiving end of the bearish wave, as it started another downtrend a few hours ago after managing to register a daily close over the $7,700 mark. Bitcoin has plunged to as low as $7,500 as the crash continues.

Bitcoin Continues to Plunge as the Fear of COVID-19 Increases

The plunge in the price of BTC, which comes after the digital currency managed to break over the $7,950 mark, comes as the stock market enters a perilous zone because of fears of a greater outbreak over the COVID-19 disease. President Donald Trump recently announced that he would suspend all travels from Europe to the United States for a month. After this announcement, the futures of the Dow Jones (YM) and S&P 500 (ES) started to plunge.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$0.00-0.15%

At the peak of the crash, they lost about 5 percent of their value since the daily close. The fears of the virus were quickly aggravated by the news that the NBA will be suspending its season due to a player catching the virus. Also, Tom Hanks announced that he and his wife have got were diagnosed with the virus while traveling in Australia.

The crash in the futures of the indices seems to have pushed the price of Bitcoin (BTC) lower, which has been a trend over the past couple of days. Many have referred to Bitcoin as a form of digital gold. Regardless, the digital currency continues to act as a risk-on asset.

Can Bitcoin Bulls Restore Prices

According to a recent report, some traders and analysts think that the outlook of Bitcoin is not as bad as most people are pointing it out to be. Adaptive Capital’s Nik Yaremchuk, who predicted the return of Bitcoin (BTC) $9,500 at the end of February, suggested that the digital currency is amid a textbook bottoming pattern.

Others are also saying that Bitcoin (BTC) would continue to hold the $7,700 mark due to the importance of that level to miners. While there is a bullish technical outlook, there are still chances of the macro outlook getting worse, which is evident by the fast-growing number of cases all over the world, especially in Iran and Europe. A further plunge in the S&P 500 and other indices, which is even likely to coincide with a recession if it happens, will cause more harm to the price of Bitcoin (BTC), according to analysts.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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