This is a two-fold reaction.
Asian investors continue to sell off as South Korea and China battle the viruses continued spreading.
At the same time, Europeans are bracing for the effects of the just announced US travel ban, which will halt travel between the United States and Europe for at least 30 days.
Bitcoin's success comes back to bite...
Remember, panic selling isn't based on logic, and there's an interesting thing that happens here - people don't sell investments that have lost money, but rather the ones that have made a profit.
Taking a loss is just a harder pill to swallow.
With Bitcoin being the top performing investment of the year, that makes it first to go.
But They'll be Back...
The flip-side of this is, most crypto investors think a 'come back' following a crash is pretty much a sure thing. They've watched it happened so many times, people speak of a recovery in terms of 'when' not 'if'.
Once the market agrees the sell off has hit bottom, the same people who just sold are likely to jump right back in.
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Author: Mark Pippen
London News Desk
