We all saw the first sharp and significant drop in the value of the worlds 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 invite you to find out about what awaits the cryptocurrency market in the near future in the online broadcast.

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

As of 4 pm, about 50 thousand unconfirmed transactions were recorded in the crypto coin mempool, but within an hour their number dropped sharply. 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 their 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 went offline just at the time of the trading high, he no longer recommends this platform for transactions.

At 4 p.m., the value of bitcoin continued to fall, by the evening the price of the coin again became slightly higher than 5000 USD.

As the head of 51ASIC Yevgeny Zolotoy notes, such a sharp decline in the cost of the crypto coin certainly does not please miners. Each participant in the cryptocurrency market is waiting for the situation to improve. If the position of bitcoin does not stabilize in the near future, many will have to abandon outdated equipment, for example, the Antminer S9. Miners using more modern rigs should be patient and wait for the electricity cost to drop and the mining situation to improve.

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

According to Matvey Sivoraksh, director of business development at Madfish.Solutions, hash rates, compared to the depreciation, have not yet significantly decreased. In addition, in recent days, players who have managed to stay afloat have become more active, and now they are engaged in the resale of electricity and receive 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 all over the world there is a fall in assets, so the crisis has caught not only miners. A wave of falling profits also affected the electric power industry, for example, due to 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 make money 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 the fall in the value of bitcoin is attributed by most market participants not so much to the problem of the coin itself as to the need to cover existing positions in order to obtain higher liquidity. Lets 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 for almost all positions during catastrophic market fluctuations, you are urgently looking for where to find the necessary funds. You seemingly find a way out by dividing positions in shares (but this will lead to an even greater fall in the indices), or, alternatively, you can try to quickly drain an unnecessary asset. Which one you choose is pretty obvious.

Alexander Kuptsikevich, a well-known analyst at FxPro, claims that todays events are directly related to the dumping of positions in the market, which led to the fall of bitcoin. If the situation does not improve, one can expect a complete freeze of the cryptocurrency movement, and, although it is hard to believe in it, it can be stated that in just a day, the entire rapid growth of bitcoin (since the spring of 2019) came 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 instrument for various kinds of speculation. In turn, altcoins took the brunt of liquidating positions, and in the case of bitcoin, buyers can still use the low price to invest. With altcoins, things will not be so rosy, since user confidence can take a long time to recover.

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 until the end of the pandemic, all that remains is to wait for the softening of events. However, already now, many buyers and sellers are seriously thinking about the long-term prospects of stablecoins, in whose favor the fall in national currencies, 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 to market capitalization: over the current week, the first value fell by 46%, the second - by only three percent. Hodl Hodl CEO Max Keidun posted a post that such a catastrophic market situation was provoked by a global epidemic. In connection with the active spread of the coronavirus, panic swept all countries, people began to get rid of cryptocurrency. But those who have been working in the cryptocurrency market for several years were ready for sharp jumps in the value of coins, and today, experienced bitcoin holders are waiting for the price to rise immediately before 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 some crypto-exchanges that go offline due to technical failures and increased network load.

According to Keidun, the cost of bitcoin will rise, but the specialist does not undertake to say how long it will take. He admits an increase in indicators a week ago already during this year, but, again, a lot depends on the situation with the pandemic.

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

Deribit exchange added 500 BTC to its own insurance fund.

Roman Sulzhik, a former managing director for the derivatives market of the Moscow stock exchange, explained the situation with interest rates in a detailed manner.

RoboForex analyst D. Gurkovskiy linked the fall in bitcoin prices to the general economic situation in the world. According to him, the majority of sellers, having seen the situation, began to drain their assets one by one, and at this time the exchanges stopped trading under the influx of a huge number of orders.

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

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

At 10.00, Bitcoin passed the 5800 USD mark.

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

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

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

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

07:00 UTC. Bitcoin trades were 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, bitcoin is worth more than 5000 USD again.

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