Today has been a terrible day for crypto and stocks. These past 24 hours have been some of the worst that I've seen in my several years of being involved in crypto. Stock markets also haven't been faring well lately either. Bitcoin itself has dropped 27% in the last 24 hours. If these steep drops aren't breaking records for crypto, then it's probably pretty close.
It seems like COVID-19 aka the Cornavirus may be to blame here. People are worried after the World Health Organization classified the Coronavirus as a pandemic which I think has caused people to freak out even more so than they already were.
Stocks have done better than crypto simply because there's tight regulations on stocks to prevent flash crashes. There's a system in place to where if stock prices drop by more than 7% overall in a day then trading is stopped for 15 minutes which lets people cool off and have a chance to think about things. Such a system isn't in place when it comes to crypto. It's the wild west pretty much when it comes to investing.
When I'd seen that my Steem account value dropped a lot this morning, I expected that it had something to do with Steem itself and not the market as a whole. Crypto is hurting today and I'm honestly not sure if we'll see price rises again for at least a few days if not much longer.
The biggest hit today in crypto dealt with Maker, the second most expensive crypto behind Bitcoin which has lost nearly 50% of it's value over the last 24 hours.
Why shouldn't you be worried though? Simply put that as with many things, this will blow over eventually. Also, we still have Bitcoin's halving in May to look forward to.
For now though, we're simply going to have to weather this crypto shitstorm out until it blows over.