Coronavirus is imposing a negative effect on the crypto price movement — what’s next?By coinbreze on The CapitalThe Chinese New Year turned out to be a never-ending nightmare for the country. Starting from Wuhan City, the coronavirus spread across the country. This lethal virus has forced people to lock themselves in their rooms for almost a month. The death rate was 8% among the closed cases. More than 46 thousand cases are still active throughout the world. In just one month, China witnessed 2,800 deaths.It has been reported from the recent report that coronavirus outbreaks have been identified in many nations. Today, with a rise in the death rate from outside China, concern has risen. The reports of a major epidemic caused the collapse of the US stock market. Stock prices also have an effect on the crypto industry. As the biggest mining company is based within China, the sector is severely affected. The price of Bitcoin is going down from February 25th. Bitcoin is sliding along with other cryptocurrencies.This week, the cryptocurrency market became a phenomenal occurrence. As the price of Bitcoin soared past 10,000 marks, the coronavirus was suspected of having a cause. However, the situation has changed and the price is still falling. The demand hit more than $10,400 in the middle of this month, and the sector approved a strong rise. The market cap rose to $303.94 billion on February 13, 2020. But now having two market crashes, it’s roaming around $246 billion. Market capitalization declines contributed to around $62 billion at the time of writing.When coronavirus started the market, but now the outbreak of the virus has had a negative impact on the crypto market. Within a week, the price of Bitcoin fell almost $1200. The infection that can be distributed from person to person is now spreading fear in the world. The economy sector would see a memorable crash in history. The industrial average of Dow Jones on the US stock market decreased by about 8% in comparison to the last five years.If bitcoin could be the only answer to global uncertainty, it behaved in the same manner as the US stock market. Cryptocurrency market star coins are going down, and nothing could stop them. Price dropped by about 11% for Bitcoin in just one week from $9,945 to $8,800. Another crypto market celebrity lost 22%, which is twice bitcoin. If these two leading currencies are falling on the market, the status of the currency will be indicated. Along with the top-ranked cryptocurrencies sector, it couldn’t stay stable and has to crash.This fall is only the biggest drop since last week; Bitcoin has experienced another six one-day drops as early as this year. And the cryptocurrency price rose by about 32% in 2020, thanks to a quick rally during the past months. But the outbreak of coronavirus changed the story and put the bitcoin down below $9,000.The world health organization’s report says the coronavirus is not locked up within China. Sometimes this process of capital laundering will hit a definitive turning point, and the shutdown of the coronavirus could be the ball rolling back. Even if tomorrow a cure is found, China would appear as if it had stood still for around a month. The accompanying illustration is proof of the rapid movement of the coronavirus in the planet.https://www.coinbreze.com/Telegram: https://t.me/coinbrezeTwitter: https://twitter.com/coinbrezeFacebook: https://www.facebook.com/CoinbrezeThe Capitalhttps://medium.com/media/3b6b127891c5c8711ad105e61d6cc81f/hrefCoronavirus is imposing a negative effect on the crypto price movement — what next? was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.