Cryptocurrency price outlook: Is Bitcoin crashing?
On this page you will find cryptocurrency price updates and the latest news and outlook for crypto prices. You can also keep up to date with the latest trending financial news at InfoChoice and the latest outlook for interest rates and Australian property markets.
You can find out more about the most popular cryptocurrencies and compare cryptocurrencies with InfoChoice’s guide to Which Crypto Should I Buy? Or learn more about How to Buy Cryptocurrencies in Australia.
You may have heard of Bitcoin but do you know about these alternative cryptocurrencies:
Ethereum – Should I invest in Ethereum?
Stellar Lumens – What are Stellar Lumens?
Ripple – Is Ripple XRP a real crypto?
Do you know about the Bitcoin halving?
This page is updated regularly with major cryptocurrency news and the outlook for Bitcoin and crypto prices.
Update 13 March 2020 Bitcoin is crashing.
The price of one Bitcoin has crashed over the last week of trading, losing more than 43 per cent of its value.
One Bitcoin is now trading at A$7,637.53, 43.2% down from A$13,708 one week ago. Bitcoin lost 33.5% in just the last 24 hours of trading.
This table below from Coinbase shows the plunge really began in earnest around Wednesday Australian time.
Bitcoin price (A$) one week 7 – 13 March, from Coinbase.com:
Bitcoin has followed share markets, US Treasury Bond yields and the world oil price down as fears of Coronavirus spreads along with the virus itself.
Investors on Wall Street were spooked this week, reportedly by a lacklustre response by government to the growing virus threat. The Dow Jones Index suffered the biggest single fall since Black Monday in 1987.
Travel and tourism shares were among the hardest hit in US trading. Boeing fell 18%. Royal Caribbean Cruises was down 14% with similar falls for other airlines and resorts.
How did markets react to Donald Trump’s coronavirus oval office address?
US President Donald Trump attempted to counter market panic on Thursday with an Oval Office Address and new travel bans on European countries. But they may not be enough to quell negative sentiment as the number of confirmed Coronavirus cases in the USA nears 1,000. The president had previously predicted that the number would “go down very quickly”.
Senior market analyst at Swissquote Bank wrote in a note to investors yesterday that “Donald Trump's public address fell short of what investors were hoping for.”
“The coronavirus threatens “one of the severest economic meltdowns we have experienced over the past decades.”
Following the address, senior Asia-Pacific market analyst at RaboResearch, Michael Every, wrote to investors saying “Can we panic now?” according to reports in Business Insider today.
Ethereum down around 50%
Ethereum has almost halved in value over the past week as Bitcoin and equity markets head down. Ethereum is now trading at A$187.87, down 49.97% from A$353.81 last week.
Ethereum price (A$) one week 7 – 13 March, from Coinbase.com:
Other cryptocurrencies have also crashed over the last few days.
XRP Ripple is down 42% over 7 days to 22 Australian cents today.
Bitcoin Cash is down 52% over 7 days to A$257.57 today.
Litecoin has lost 50.7% over 7 days to A$50.46 today.
EOS is down 52% over 7 days to A$2.85 today.
This article is general news and information. This article is not financial advice. Please seek personal professional advice before investing.
InfoChoice compares financial products from 145 banks, credit unions and other financial institutions in Australia. InfoChoice does not compare every product in the market. Some institutions may have a commercial partnership with InfoChoice. Rates are provided by partners and taken from financial institutions websites. We believe all information to be accurate on the date published. InfoChoice strives to update and keep information as accurate as possible.
The information contained on this web site is general in nature and does not take into account your personal situation. Do not interpret the listing order as an endorsement or recommendation from us. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. If you or someone you know is in financial stress, contact the National Debt Helpline on 1800 007 007.