Why the price of Bitcoin crashed in March 2020.

A lot of people have been wondering why bitcoin was over $13,000 in the beginning of March and later
fall below $4000 in the middle of March.Here are some reasons for bitcoin crash.

1. Investors, due to Panic over Coronavirus pandemic decided to liquidate their high-risk assets which includes cryptocurrencies.

2.While people were focusing mainly on the Coronavirus pandemics as the reason for the crash, there were other factors that led to this crash which includes conflicts and risks that have been affecting the global market lately.The conflict over oil prices between Saudi Arabia and Russia caused unexpected decrease in the price of oil thereby imposing extra pressure on the global markets,causing fear,panic and uncertainty for investors.

3.Sell orders were more than buy orders. Cryptocurrency by nature is characterized with volatility and high risk however, extreme volatility was noticed on crypto exchanges in the middle of March. Investors that have been trading or holding bitcoin started selling because of fear and panic therefore flooding the market with sell orders.

4.It was also said that the drop of price was caused by the selling out for bitcoin by PlusToken.PlusToken is a Ponzi scheme that swept China and Korea over the last few years,it sold about $2 billion worth of bitcoin and altcoins which was stolen from investors, causing prices to fall as supply flooded the market.

These are some noticeable reasons for the crash of bitcoin price in March. What do you think and what are your thoughts on the price decrease?

PS: Stay safe during this pandemic, NAIJACRYPTO cares

Ruth12:
Why the price of Bitcoin crashed in March 2020.

A lot of people have been wondering why bitcoin was over $13,000 in the beginning of March and later
fall below $4000 in the middle of March.Here are some reasons for bitcoin crash.

1. Investors, due to Panic over Coronavirus pandemic decided to liquidate their high-risk assets which includes cryptocurrencies.

2.While people were focusing mainly on the Coronavirus pandemics as the reason for the crash, there were other factors that led to this crash which includes conflicts and risks that have been affecting the global market lately.The conflict over oil prices between Saudi Arabia and Russia caused unexpected decrease in the price of oil thereby imposing extra pressure on the global markets,causing fear,panic and uncertainty for investors.

3.Sell orders were more than buy orders. Cryptocurrency by nature is characterized with volatility and high risk however, extreme volatility was noticed on crypto exchanges in the middle of March. Investors that have been trading or holding bitcoin started selling because of fear and panic therefore flooding the market with sell orders.

4.It was also said that the drop of price was caused by the selling out for bitcoin by PlusToken.PlusToken is a Ponzi scheme that swept China and Korea over the last few years,it sold about $2 billion worth of bitcoin and altcoins which was stolen from investors, causing prices to fall as supply flooded the market.

These are some noticeable reasons for the crash of bitcoin price in March. What do you think and what are your thoughts on the price decrease?

PS: Stay safe during this pandemic, NAIJACRYPTO cares

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