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The markets have taken a fresh dip this morning, with the Dow Jones Industrial Average falling by more than 900 points after President Trump warned last night of a “very painful” coming two weeks. It now sits back below 21,000.
According to CNBC, White House officials are publicly predicting the number of deaths due to COVID-19 to reach between 100,000 and 200,000, peaking in mid-April. There are currently nearly 4,000 confirmed deaths across the US; more than 800 were reported yesterday alone.
Many industries have effectively come to a halt or cut back operations to "flatten the curve" and prevent the death toll from spiraling higher. The question now isn’t whether the US is in the early phase of a recession, but how big that recession will end up being.
Some industry professionals, such as DoubleLine Capital CEO Jeffrey Gundlach, believe April could potentially drive shares to new lows.
The cryptocurrency space has also taken a few hits over the past 24 hours. Bitcoin has fallen more than four percent to roughly $6,180 at the time of writing. Ether has slipped back to below $130. Ripple’s XRP is down four percent. Binance Coin’s gains from yesterday have been erased.
Elsewhere, oil has experienced a massive tumble as the war between Russia and OPEC rages on. With oil selling for about $20 per barrel, the national average for a gallon of gas has fallen below $2 throughout the US, according to AAA. That’s the lowest it’s been in roughly 20 years.
But with so many people stuck at home and practicing social distancing, it’s clear many people aren't buying—at any price.