Crypto market sheds another $20 billion over the weekend

Bitcoin is down another 5 percent just as stocks and oil take another dive. The crypto market is now at its lowest point in a year.

The crypto market took another hit over the weekend. And the same can be said for stocks today—all of it seemingly the result of increased panic as the world combats the spread of the deadly coronavirus.

The price of Bitcoin is down to $5,000 per coin, having dropped 5 percent and losing the gains it enjoyed on Friday. Ethereum, the market’s second largest coin, is down 8 percent and trading for around $112 per token. Ripple’s XRP has sunk below $0.15.

Total market capitalization for cryptocurrency has plunged by $120 billion over the last week. On Saturday, March 7, the crypto market stood at around $264 billion. Today, it’s now valued at approximately $142 billion, having lost another $20 billion over the weekend.

The stock market has also taken another dive, despite showing signs of life on Friday following President Donald Trump’s declaration of a national emergency. The Dow Jones Industrial Average is down almost 10 percent, losing more than 2,000 points on the day so far. Like Bitcoin, the Dow has lost all of its gains since Friday.

Likewise, oil has now dipped below the $30 per barrel mark, as the stalemate in Russia’s price war against Saudia Arabia-led OPEC remains unchanged.