The Cryptocurrencies market took a battering following a global sell-off in stocks, with bitcoin price seeing a near 40% plunge in value.
According to data from Coinmarketcap.com, the market capitalization of the entire cryptocurrency market plummeted around $93.5 billion in the space of 24 hours as of 10:07 a.m. Singapore time,
Bitcoin price was down 48% from 24 hours before at 10:24 a.m. Singapore time at $4,001.60, according to data from Coindesk.
The overall fall in cryptocurrency prices comes as governments worldwide continue to grapple with the coronavirus that is spreading rapidly across the world. The number of global cases has now exceeded 128,000.
Investors are worried about the effect of the global economic fallout from the coronavirus pandemic as businesses are disrupted and cities are under locked down worldwide. Across the world, schools have been shut and people made to work from home.