The announcement that the US is banning all travel from Europe has led to losses across all the main altcoins, as the full impact of the coronavirus becomes clear.
This morning Bitcoin is below US$7,500 as any positive sentiment was left on the runway.
Ethereum is down to US$179, and XRP has crashed below US$0.20 to trade at US$0.91 as the impact on cross border trade becomes clear. Bitcoin Cash is at US$245, a coin which was looking to break above US$500 a few weeks ago.
Commenting further on this, Luno’s CEO, Marcus Swanepoel, said, “There is no surprise that as coronavirus has been classified as a global pandemic, and for the first time the US has acknowledged the seriousness of the situation, that all markets are coming under pressure.
Continuing, Swanepoel said, “We do still believe that cryptocurrencies will find buyers coming back in for them as investors will want to be in assets which are uncorrelated to the main markets.”