$93.5 Billion Wiped Off In Cryptocurrencies Value In 24 Hours As Bitcoin Plunges 48%

With the recent bitcoin plunge of about 48%, cryptocurrencies face a $93.5 billion decline in value. This decline, according to the CNBC report, happened in the space of 24 hours as of 10:07 a.m. Singapore time.  A study by Coindeck also revealed that Bitcoin was down 48% from 24 hours before at 10:24 a.m. Singapore time at $4,001.60

The fall in cryptocurrency happened amid a broad sale in equity coupled with the current issues with the COVID-19, which has affected more than 128,000 lives around the world.

In the United States of America, Dow Jones is currently facing its worst drop after the 1987 "Black Monday," market crash. The Dow Jones Industrial Average closed 2,352.60 points lower, or 9.99%. On Friday morning, this selling spilled into Asia and affected the price of the stock market in South Korea, Japan, Hong Kong and so on. Currently, the stocks in these countries are suffering heavy losses.

Presently, investors are concerned about the effect of coronavirus on the global economic fallout. Ever since the break out of the virus, more and more businesses have continued to suffer. Presently, a lot of cities in China - where the virus emanated from has been closed down. Market and global stock are also not exempted.

More countries are borrowing approaches from Italy, one of the worst-hit countries. Shops and restaurants have been shut down, including the cancellation of the US sporting activities. People have been made to work from home and even the students are not left our as most schools have been shut down

With the increasing rate of the negative effect of the virus in market stock, bitcoin has seemed like a safe haven, a digital gold where investors can make their money. However, the situation has taken a turn around as bitcoin is currently in negative territory. 

The actions of the central bank have done little or nothing to soothe the concern of investors. These actions include easing measures by the European Central Bank, recent emergency interest rate from the Federal Reserve and the Bank of England and so on.

Bitcoin is not only the cryptocurrency that was affected. Other cryptocurrencies that suffered a similar loss on Friday include Ethereumtanked which dropped at 49% at 10:24 a.m. Singapore time and XRP which was down over 42%.