Panic Market, Investor Bitcoin Lost $ 22 Billion a Day

The cryptocurrency market is falling, following the collapse of the world oil market and selling on the stock market. The capitalized value of all cryptocurrencies dropped to US $ 21.58 billion.

The data was reported from CNBC International, Monday (03/09/2020), at 10 am Singapore time, compared to the previous day.

For bitcoin, the biggest value of crypto money, the price fell 8% on the last day. Although since the beginning of the year, bitcoin has recorded a 12% increase.

Panic selling in the cryptocurrency market occurred, after the price of Brent oil contract fell 30% today to US $ 31.02 / barrel, which is the lowest price since February 2016.

The decline in world oil prices is due to Saudi Arabia cutting the selling price of the oil it produces. This condition raises fears of an oil price war on world markets.

Conditions in the stock market are also not much different. Japanese and Hong Kong stock markets fell sharply. Likewise, in the Indonesian stock market, where the Composite Stock Price Index (CSPI) fell 4% more.

The price of other crypto money, such as ethereum and XRP also fell more than 10%.

Source: CNBC

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