Bitcoin Prices Plunge by over 40% this week amid market turmoil

What caused this price decrease? The simple answer is that the markets are in chaos, thanks to the impact of the global Coronavirus pandemic. Stocks and index funds are losing value, and that has also caused the value of cryptocurrencies to fall off a cliff. 

There are fears that the Coronavirus Pandemic will start a global recession, and if that happens, a lot of people will stop valuing cryptocurrencies. With Cryptocurrencies lacking any financial backing, it is easy to see why such large drops in value can occur.

At best Cryptocurrencies are an unsafe investment, especially within today’s turbulent markets. If the financial markets continue to be strained by Coronavirus, we can expect the crypto market to be equally impacted. 

Altcoins like Etherium, XRP and Bitcoin Cash have also been hit hard over the past week, with all of them seeing drops in value of around 40%. This situation is likely to get worse if the global financial markets continue their current trends.