Bitcoin price dropped more than 6% and broke the $30,000 support area. Ethereum is accelerating its losses below $1800, and Ripple is approaching the $0.500 support.
Bitcoin price is on a downtrend below the $32,000 pivot level.
Bitcoin even broke the key $30K support area. The price is currently moving lower (04:23 UTC) and may test the $28,000 support in the near term.
However, Bitcoin is the top performing major digital asset today with all top 100 digital asset groups dropping further.
Ethereum is down 8% in value and even broke the $1,750 support area. Ripple fell 10% and tested the $0.520 support area.
Meanwhile, stocks, bond yields, and even commodities are dropping.
“There have been increasing concerns about the coronavirus and how it could derail the current maximum recovery we are seeing, and concerns that have been creeping into the bond market in the past few weeks have now moved to equities,” said Matty Greenspan, founder and CEO of Quantum Economics in his newsletter, adding "Another headwind for risk assets at the moment is a stronger US dollar."
According to Greenspan, for Bitcoin, a stronger dollar outlook, especially in the face of a declining cryptocurrency market, means that more people will likely prefer to hold the cash, at least for now.
