Bitcoin Price Crashes 17% in 1 Hour Below $6K in Coronavirus Panic

Bitcoin (BTC) made further dramatic losses on March 12, falling below $6,000 for the first time since May 2019. 

Cryptocurrency market daily overview. Source: Coin360

Data from Coin360 and Cointelegraph Markets summarized the grim day for Bitcoin traders as BTC/USD hit lows of $6,000.

The selloff intensified through Thursday, with 24-hour losses hitting 20% on some exchanges.

Bitcoin 1-day price chart. Source: Coin360

“And that looks like capitulation to me,” entrepreneur Alistair Milne summarized on Twitter.

As Cointelegraph reported, various analysts, including BitMEX CEO Arthur Hayes, believe the likely bottom for Bitcoin lies at $6,000. 

Altcoins continue to see heavy losses across the board, as cryptocurrencies move in step with panic on traditional markets over coronavirus measures enacted by the United States.