Coronavirus thrashes crypto market caps! Coronavirus thrashes crypto and commodities, sending crypto and commodities as well as big tech into a tailspin. The crypto market itself saw $26 billion wipes in 24 hours on Monday.
Tech’s big five, known as FAMGA, Facebook, Apple, Microsoft, Google, and Amazon, have seen their market cap drop by a mind-boggling $460 billion dollars since the World Health Organization declared the coronavirus a public health emergency.
Commodities have traditionally been seen and used as safe havens during turbulent times, and Bitcoin and the crypto market has traditionally been seen as one of those safe haven investments, but they have not been immune to this crisis. On January 30th, Bitcoin’s price was around $9,300, but has since dropped 16% and is trading around $7,800.00.
Facebook has dropped 15%, Apple by 11.9%, Microsoft by 6.9%, and Google by 12.4%. Amazon is the only company that has gained during this uncertain time, gaining 1.1%.
Crypto’s top five coins by marketcap are also down. Overall, however, Bitcoin is still up around 7% on the year despite equities dropping 15%. Altcoins have also seen a slight recovery since Monday. How’s your 401k doing compared to crypto?
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