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Bitcoin price dropped to $ 6,000 after President Trump issued a restraining order to travel to Europe

Bitcoin prices once again hit their lowest prices this year, as Coronavirus swept through both traditional markets and cryptocurrencies.

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Source: CoinMarketCap

Bitcoin price dropped by 24% in the last 24 hours

Bitcoin price has fallen more than 24% in the past 24 hours. When Bitcoin dropped to $ 7,400, people thought it was the lowest level – this last level appeared on January 3.

However, at press time, the price of Bitcoin is hovering around $ 6,040, right after President Donald Trump ordered the delay of all travel activities to the European region for 30 days.

Trump, who previously denied Corona’s excessive effects, still reserved the view that the risk to Americans is now very, very low. However, this is not enough to reassure the market when Dow Jones has plummeted 20% from the peak. In London, where travel restrictions were issued, the FTSE also dropped by 5.1%.

The selloff intensified through Thursday, with 24-hour losses hitting 20% on some exchanges.

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Bitcoin 1-day price chart. Source: Coin360

Hash rate also plummeted

Analysts expect Bitcoin to follow the same trend with traditional financial markets, as the asset has not proven its hiding in the heart of the current storm.

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Bitcoin network hash rate. Source: Blockchain

The network’s base index, hashrate, has now plummeted. Hashrate is a measure of how difficult it is to create a Bitcoin, which once hit the highest peak in history last week. In the short term, selling pressure will persist, analyst Michael van de Poppe is expecting the next price level to be in the range of $ 6,400 and $ 6,154.

CME will close the Chicago exchange amid the spread of Coronavirus

In a statement, CME said the closure would take effect by the end of Friday when this week’s business operations are over. Please note that no cases of coronavirus infection have been reported at the Chicago Exchange (CBOT).

With this move, CME became the first major US trading platform to close due to concerns about the Coronavirus. The New York Stock Exchange is also taking precautions, working to isolate traders, traders, and company employees, according to a Reuters report citing an internal memo.

CME said that Chicago-based traders would receive another Q&A board on Thursday with regards to trading certain products, processes, protocols, and other activities related to the exchange. The notice also states the company’s headquarters will remain open.

According to a company statement:

“No Coronavirus cases have been reported on the trading floor or in the Chicago Board of Trade building. The reopening of the trading floor will be evaluated as more medical guidance on the coronavirus becomes available.”

CME’s announcement came after several companies encouraged employees to work from home to prevent transmission from the virus. At the national level, Italy has issued a nationwide closure order for all stores except groceries and pharmacies.

Recently, the Director of a Blockchain project was diagnosed with Covid-19 infection after participating in 2 Ethereum Community Conferences.

As of March 12, 2020, more than 120,000 cases of the world have been infected, 4,633 deaths. Many countries put the disease into emergency alerts. Schools were closed, and mass gatherings were delayed, or even canceled.

Virus concerns spread quickly, and the lack of fiscal stimulus plans from the Trump administration to prevent potential economic recession caused stocks to decline. The Dow Jones industrial average fell more than 1,400 points and closed at a bear market, down more than 20% from a record close last month.

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