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Bitcoin felt the brunt of a historic week in which the impact of the coronavirus pandemic in the U.S. accelerated at a pace most couldn’t have imagined. It lost 50% of its value in a single day Thursday and dipped below $4,000 that evening for the first time since last March. By Friday morning, it had recovered some of its losses, rebounding to close to $6,000.
Thursday’s rout followed an 18% plunge last weekend, and its volatility throughout this global health crisis has led some analysts to reject the theory that it is or was ever a safe-haven asset..Crypto trader Peter Brandt, who successfully called bitcoin’s peak in 2017, tweeted that its floor now is “sub-$1,000,” and other major cryptocurrencies saw large chunks of their values wiped out this week as well
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