Bitcoin drops below $6,000

[Bradley Prior]

Bitcoin drops below $6,000

Bitcoin plunged on Thursday, at one point sinking through $6,000 for the first time since May as a sell-off in cryptocurrencies became a rout amid wider market turmoil sparked by the coronavirus pandemic.

The largest digital currency at one point tumbled to $5,705.31, though the move eased slightly to trade down 23% at $6,068 as of 7:37 a.m. in New York, according to Bloomberg pricing. [Bloomberg]

 

[envo]

One would think that bitcoin would surge after a stock market crash as people funnel their assets to a digital currency for protection rather than keep it in a bank where, lets face it, in a recession, it won't be guaranteed to be there tomorrow.

 

[JayM]

Even gold is down. Traders selling to cover their margin calls.

 

[Messugga]

One would think that bitcoin would surge after a stock market crash as people funnel their assets to a digital currency for protection rather than keep it in a bank where, lets face it, in a recession, it won't be guaranteed to be there tomorrow.

Crypto and protection in the same sentence... Lol.

 

[Messugga]

Even gold is down. Traders selling to cover their margin calls.

This man speaks the truth. People have some serious funding requirements for margin calls. It's been busy on the credit desks.