The price of Bitcoin and other cryptocurrencies are suffering again this afternoon. And the crypto market is again tracking the effects felt in the traditional market, as the Dow Jones Industrial Average today closed down a staggering 3,000 points.
The drop followed words from US President Donald Trump, announcing that the White House now expects the coronavirus outbreak to last into the month of August. The Dow, which was down 2,000 points earlier this morning, plunged by another 1,000 points. Traders are now calling this the worst market crash since 1987—surpassing the crash just last week.
Today’s crash triggered so-called market circuit breakers, and trading was briefly halted as recent rate cuts implemented by the Fed failed to have any lasting positive impact on the stock market.
The Dow has now fallen by roughly 28% from it's all-time high, while the S&P and the NASDAQ have also dropped by more than 10% each.
Oil has taken another hit and is now trading for a meager $28 per barrel. This brings its total down by roughly $13 from the $41.57 recorded two Sundays ago when Russia first began its all-out price war with OPEC.
Crypto isn't doing much better.
Bitcoin, the world’s largest cryptocurrency by market, has lost 17% of its value today. It’s now trading under $5,000 for the time since Thursday’s flash crash—and nearly a year before that. Ethereum is down to $108 per coin, also down 18 percent, and Ripple’s XRP has lost 15% on the day, now trading for $0.13 per coin.