Stock investors who are reeling after today's disaster on Wall Street can take comfort in the fact that people hodling Bitcoin fared even worse. The price of a bitcoin dropped from $7900 to $4900 in less than a day.
Nearly $63 billion has been wiped from the markets as the total market capitalization of all crypto fell from $223 billion to $161 billion, with BTC falling more than 39 percent over the past 24 hours to levels not seen since April 2019.
Balances containing 100 or more bitcoin have fallen to their lowest point since Dec. 31, 2019 signaling a flight to cash as other supposed safe-haven assets like gold fell 3.5 percent.
Drawdowns from Recent Highs:
Oil: -53%Bitcoin: -46%Delta Airlines: -46%Tesla: -42%Goldman: -40%JP Morgan: -38%Transports: -36%Russell 2000: -35%FANGs: -28%S&P 500: -27%Nasdaq 100: -25%Amazon: -23%Consumer Staples: -19%Gold: -7%Cash: 0%
— Lawrence McDonald (@Convertbond) March 12, 2020