We all observed the first sharp and significant drop in the value of the world's main cryptocurrency today, the value of the crypto coin reached 3800 USD. This indicator suggests that bitcoin instantly lost about 50% of its value in price, and this happened in less than a day. Simultaneously with the fall of bitcoin, the price of Ethereum also dropped, the coin was worth less than 100 USD, and this happened for the first time in two years. We suggest that you familiarize yourself with the online broadcast about what awaits the cryptocurrency market in the near future.

So, as of 18:00 on March 13, 2020, the cost of the main crypto coin reached 5200 USD with a capitalization of 96 billion USD.

As of 16:00, about 50,000 unconfirmed transactions were recorded in the crypto coin mempool, but their number dropped sharply within an hour. At the same time, other services set the value from 70 to 80 thousand transactions.

The Ethereum network at the time of the overnight collapse was simply overloaded with applications. Most of the netizens tried to transfer the savings, so 5112 coins were paid in just one day.

WhalePanda, known to the world as a successful trader, wrote a post that after the BitMEX exchange went offline just at the time of the trading maximum, he no longer recommends this platform for transactions.

At 4 p.m., the price of bitcoin continued to fall, by the evening the price of the coin again rose slightly above 5000 USD.

As the head of 51ASIC, Evgeny Zolotoy, notes, such a sharp decrease in the cost of a cryptocoin, of course, does not please miners. Each participant in the cryptocurrency market is waiting for the situation to improve. If bitcoin does not stabilize soon, many will have to abandon outdated equipment, such as the Antminer S9. Miners using more modern rigs should be patient and wait for the cost of electricity to drop and the mining situation to improve.

As for the miners from Russia, their situation is slightly better, due to the lower cost of electricity in USD. However, now it is better for everyone to take a short pause and follow the development of the situation in the cryptocurrency market.

According to Matvey Sivoraksh, Business Development Director at Madfish.Solutions, hashrates, compared to the depreciation, have not yet dropped significantly. In addition, in recent days, players who managed to stay afloat have become more active, and now they are reselling electricity and making their profit. Despite the fact that many miners have suffered losses associated with the loss of funds invested in coins and equipment, they still continue to work.

Today, assets are falling all over the world, so the crisis has not only affected miners. The wave of falling profits also affected the electric power industry, for example, in connection with the introduction of quarantine in China, the supply of various spare parts and components has to wait for more than one month.

According to Mikhail Lunev, who is responsible for Bitzlato projects, P2P traders today have to earn on the spread, and for this reason they are not actually affected by market volatility.

Sergey Mendeleev, co-founder of the Garantex cryptocurrency exchange, notes that most market participants attribute the fall in the value of bitcoin not so much to the problem of the coin itself, but to the need to cover existing positions in order to obtain higher liquidity. Let's imagine that you are an investor and are ready to invest about a billion US dollars in a project. So, you invest only 5% in bitcoin, and having received a Margin Call on almost all positions during catastrophic market fluctuations, you are urgently looking for where to find the necessary funds. You seem to find a way out by splitting positions by stock (but this will lead to even more falling indices), or, alternatively, you can try to quickly drain an unnecessary asset. What you choose is quite obvious.

Alexander Kuptsikevich, a well-known analyst at FxPro, claims that today's events are directly related to the reset of positions in the market, which led to the fall of bitcoin. If the situation does not improve, we can expect a complete freeze of the movement of the cryptocoin, and, although it is hard to believe, we can state that in just a day, the entire rapid growth of bitcoin (since the spring of 2019) has come to naught. Many argue that the reason for this was the operation of robots under the pressure of events around the cryptocurrency market, yesterday all assets began to decline in price, and this factor could not bypass the crypto market.

Based on recent events, only one conclusion can be drawn: Bitcoin, nevertheless, is a highly volatile tool for various kinds of speculation. In turn, altcoins took the brunt of the liquidation of positions, and in the case of bitcoin, buyers can still make investments using the low price. With altcoins, things will not be so rosy, since user trust can be restored for a very long time.

If you look at the whole current situation from the outside, there is hardly anyone who can unequivocally predict the growth in demand for bitcoin before the end of the pandemic, all that remains is to wait for the mitigation of events. However, already now, many sellers and buyers are seriously thinking about the long-term perspective of stablecoins, in whose favor the fall of national currencies play, and the fact that the banking system has become more vulnerable.

Meanwhile, cryptocurrency market analytics company Coinmetrics pointed to a drop in the ratio of realized and market capitalization: over the current week, the first value has decreased by 46%, the second - by only three percent. Hodl Hodl CEO Max Keidun posted a post saying that such a catastrophic market situation was provoked by a global epidemic. In connection with the active spread of the coronavirus, panic gripped all countries, people began to get rid of cryptocurrency. But those who have been working in the cryptocurrency market for more than a year were ready for sharp jumps in the value of coins, and today experienced bitcoin holders are waiting for the price to rise just before the halving.

Max believes that bitcoin continues to be the most important asset. At a time when various markets are forcibly closed around the world, trading in this coin continues. The only exception is individual crypto exchanges that go offline due to technical failures and increased network load.

According to Keidun, the cost of bitcoin will grow, but the specialist does not undertake to say how long this will take. He allows for a rise in week-old figures already during this year, but, again, a lot depends on the situation with the pandemic.

By 13:00 on March 13, 2020, the price of bitcoin reached $5,610.

The Deribit exchange added 500 BTC to its own insurance fund.

Roman Sulzhik, former Managing Director of the Derivatives Market of the exchange in Moscow, explained in detail the situation with interest rates.

RoboForex analyst D. Gurkovsky linked the fall in the price of bitcoin with the general economic situation in the world. According to him, most of the sellers, seeing the current situation, began to merge their assets one by one, and at this time the exchanges stopped trading under the influx of a huge number of applications.

Against this background, such exchanges as Bithumb, BitMEX and others simultaneously stopped their work, explaining the situation with technical failures. According to Xena.Exchange CEO Anton Kravchenko, these exchanges were closed even before the first price cuts, which gives reason for their users to think. The specialist is also sure that after the halving, the cost of the main cryptocurrency by the end of 2020 will reach 10 thousand USD. Now a price drop is a chance to buy a large amount of crypto, but in order to buy it back at a more affordable price, you must first bring down the value of the coins.

In many social networks, there is an active discussion of the cost of mining one bitcoin, the majority adheres to the position that miners will not buy coins at the current price.

At 10:00 a.m., bitcoin passed the mark of 5800 USD.

According to Mike Dudas, CEO of The Block, it was on the night of March 12-13 that there was the largest decline in the price of gold since 2013.

Italian and Spanish financial regulators have banned the opening of short positions for trading.

The famous trader and analyst Ton Weiss suggested that the lowest price of bitcoin was at around 3850 USD per coin. The specialist recommends that all those who managed to buy cryptocurrency at such a low price wait for growth.

Nevertheless, the BitMEX insurance fund at 07:16 UTC lost almost 4.6% of the total volume, while Deribit lost much more – only 227 thousand USD remained in the fund during the day.

07:00 UTC. Bitcoin trading was observed at the position of 5250 USD.

At 05:00 UTC, Bitcoin was already at around 5000 USD, while Ethereum was trading at 110 USD per coin.

04:30 UTC, the price of bitcoin is again above 5000 USD.

According to CoinGecko, the market capitalization was initially below 125 billion USD, but later rose to 145 billion.