Bitcoin Declines to $5549.5 a Coin Amid Fast Spreading Coronavirus

  • Bitcoin Declines to $5549.5 a Coin Amid Fast Spreading Coronavirus

Bitcoin, the most dominant cryptocurrency, on Thursday plunged below $7652 a coin after President Trump announced 30-day travel restrictions on European nations to curtail further spread of coronavirus in America.

Trump, who had previously downplayed the situation, raised a red flag on Wednesday when he suspended all flights from 26 European countries, except the UK and Ireland, for a month as the number of infected victims in America rose over 1,200 with at least 37 deaths.

Global financial markets went down on Thursday during the Asian trading session with Bitcoin declining to eight months low before pulling back to $6,324 at 12:24 pm Nigerian time.

BTCUSDDaily 1During President Trump’s address on Wednesday, he said “As a result” of Europe’s inaction, Trump said, “a large number of clusters” of coronavirus “were seeded by travelers from Europe.”

However, while American experts support President Trump’s position, they also warned that the restrictions would hurt American airlines, employees, profitability and the entire industry.

“This action will hit U.S. airlines, their employees, travelers and the shipping public extremely hard,” Nicholas Calio, president of Airlines for America, a trade group that represents airlines including American, Delta, United and delivery giants FedEx and UPS, said in a statement. “However, we respect the need to take this unprecedented action and appreciate the Administration’s commitment to facilitate travel and trade.”

Again, experts said given the US position globally, the address would impact financial markets even more and raise the global risk to a new height.

“We know tonight’s address will add greatly to the panic already spreading across the country and contributing to the dramatic drop in bookings,” she said. “The conflicting information and failure to focus our nation on saving lives is making this crisis worse. We are calling on all leaders in government to focus on solving the problem.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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