Selloff wipes out one quarter of crypto market within hours

By Nicholas Marinoff

It’s another ugly day for markets everywhere. Stocks and crypto alike are crashing following news yesterday evening that President Donald Trump is limiting EU travel as the threat of the deadly coronavirus intensifies. 

Bitcoin dropped to $6,000 per coin—losing $2,000 in value within 24 hours and hitting its lowest price since last May.

Total market cap for all cryptocurrencies fell to as low as $164 billion this morning—down from $224 billion the previous day. That’s a drop of more than one quarter—26.7 percent—within a matter of hours.

All in all, crypto has lost a staggering $100 billion in market capitalization in six days. More than a third of the market has been wiped out since Saturday,

For example, Bitcoin’s closest competitors, Ethereum and Ripple, are each down around 20 percent today. Ethereum is currently trading for around $141 per coin, while XRP is priced at a mere $0.16.

Meanwhile, the stock market is also suffering, with the Dow having fallen by more than 2,000 points during the early morning. It’s worst one-day drop for the stock market since 1987, according to CNBC. Oil is once again down to $30 per barrel—a fall from $32 at yesterday’s close.

But while it all may seem grim, ShapeShift CEO and early Bitcoin adopter Erik Voorhees is offering hodlers a bit of encouragement:

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