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Bitcoin wipes out February gains amid selling pressure

The plunge comes in the backdrop of a slowing global economy that has been crippled by coronavirus, COVID-19, which is slowly turning into a global pandemic.

February 27, 2020 / 01:12 PM IST
Image: Reuters

Image: Reuters


Bitcoin continued to crumble under selling pressure, falling below $9,000 levels for the first time since January 28.

The world's largest cryptocurrency plunged 5.55 percent on February 26 to settle at $8,800. It was again trading in the negative territory at the time of publishing this copy.

bitcoin

The massive sell-off has put Bitcoin in bear territory and only a close above $10,028 (Monday's high) could turn the tide in favour of bulls, experts suggest.

The plunge comes in the backdrop of a slowing global economy that has been crippled by coronavirus, COVID-19, which is slowly turning into a global pandemic.

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The deadly virus has now spread to over 33 countries claiming over 2,700 lives.

According to analysts, the plunge also denounces the safe-haven appeal of the digital coin. Traditional safe-haven bets such as gold have remained steady amid rising coronavirus concerns. The yellow metal has held above $1,600 level in the international market and was trading with marginal gains on the Multi Commodity Exchange on February 27.

Other notable cryptocurrencies also witnessed sell-offs. Bitcoin cash (BCH), ether (ETH) and XRP (XRP) fell 9-11 percent over 24 hours on February 26, Coindesk data shows.
Suyash Maheshwari
first published: Feb 27, 2020 01:12 pm

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