{"id":417825,"date":"2020-03-12T02:48:11","date_gmt":"2020-03-12T02:48:11","guid":{"rendered":"https:\/\/uniquehot.com\/?p=417825"},"modified":"2020-03-12T03:03:18","modified_gmt":"2020-03-12T03:03:18","slug":"bitcoin-plunges-under-7700-sp-500-futures-tumble-2600","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-plunges-under-7700-sp-500-futures-tumble-2600\/","title":{"rendered":"Bitcoin Drops From $7,900 As Coronavirus Fears Trigger 4% S&P 500 Futures Drop"},"content":{"rendered":"
Everything is moving far faster than anyone expected; Bitcoin, after managing to register a daily close above the crucial $7,700 level,<\/a> started faltering under that level just minutes ago, falling as low as $7,575 as the crash continues.<\/p>\n <\/p>\n The drop in the leading cryptocurrency, which comes after a temporary relief rally to $7,950, comes as the stock market has entered a precarious territory in the after-markets due to fears of a greater outbreak of the coronavirus-caused disease COVID-19.<\/p>\n Indeed, after President Trump’s address, in which he revealed that he would be suspending all travel from Europe to the U.S. for a month, the futures for the S&P 500 (ES) and the Dow Jones (YM) started to fall.<\/a> At the crash’s worse, they had dropped almost 5% since the daily close, nearing limit down for the session.<\/p>\n The fears of the coronavirus were rapidly exacerbated by news that the NBA will be suspending<\/a> its season for the foreseeable future due to a player catching the virus, along with Tom Hanks announcing that he and his wife have been diagnosed<\/a> with COVID-19 while traveling in Australia.<\/p>\n As can be seen in the chart above, the crash in the futures of the indices seems to have led Bitcoin<\/a> lower, which has been a trend over the past few days; despite many stating that BTC is a form of digital gold, it continues to act as a risk-on asset.<\/p>\nDo Bitcoin Bulls Have Any Hope?<\/h2>\n