Bitcoin (BTC) price drops below $ 8,000

While the epidemic of coronavirus undermines traditional markets, the cryptocurrencies as Bitcoin are not spared.

The first one cryptocurrency market has lost almost 13% since Saturday, completely erasing its gains of the past two months, and is now trading around $ 7,900.

The other main cryptocurrencies such as Ethereum, Bitcoin Cash, XRP or Litecoin, have also plunged since Saturday, with losses ranging from 10% to more than 20%.

The bearish movement comes as the Covid-19 coronavirus epidemic progresses in Europe, particularly in Italy, and in other parts of the world. The Italian government has decided to quarantine all of Lombardy, including the country's economic capital, Milan, as well as the region of Venice, northern Emilia-Romagna and eastern Piedmont. In France, gatherings of more than 1,000 people are now prohibited. The number of cases of coronavirus now exceeds 100,000 and more than 3,700 deaths have been recorded around the planet.

On the traditional markets, the asian stocks nosedived, while currencies fluctuated sharply on Monday after barrel prices Brent oil have collapsed by more than 30%. The american stocks should also experience the same fate on Monday.

Macro dominoes fall to create a chain of negative feelings, which in turn triggers a crypto sale. Bitcoin has always been subject to sometimes violent short-term volatility, but today's decline is nothing compared to what we have seen before, ”commented Jehan Chu, managing partner of Kenetic Capital, on Bloomberg, stating that the asset price could fall further in the short term.

The total market capitalization of cryptocurrency market now stands at $ 228.5 billion with a dominance of 63.6% for Bitcoin.