The Dow Industrial Jones Average nosedived in its largest single-day point drop in history, down 13% or nearly 3,000 points. The market sell-off from last week continued, unfazed by the Federal Reserve’s aggressive intervention on Sunday – slashing interest rates to near zero in an effort to slam the brakes on a crashing economy. With no safe haven in sight, Bitcoin and the cryptocurrency markets have also spiraled, posting a sea of red, as the leading cryptocurrency currently trades at $4,970.
With miners exiting the network as Bitcoin mining pools become increasingly less profitable, analysts are looking for a bottom, which is difficult to target given the global macroeconomic outlook and the unpredictability of the pandemic.
Chris Burniske, a partner at venture capital partnership Placeholder, is expecting more turbulence before the turn-around.
“Once the world has stabilized, I do expect BTC, ETH and quality cryptoassets to be some of the fastest recovering assets out there, but we’ve got a tunnel to navigate before then.” Read More...