CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
  • Market Updates
  • BTC Analysis
  • ETH Analysis
  • XRP Analysis
  • Interviews
CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
Home » Crypto News » Another Black Monday Incoming? Global Markets Crash As Bitcoin Drops Below $6,000

Another Black Monday Incoming? Global Markets Crash As Bitcoin Drops Below $6,000

Author: Jordan Lyanchev

Last Updated Mar 23, 2020 @ 10:25
Getting your audio player ready...

The coronavirus outbreak led to new developments and restrictions in the past 24 hours. The 2020 Tokyo Olympic Games could be postponed, while India inserts a lockdown on 75 districts in its borders. The financial markets reacted adversely today, as U.S. futures and Asian stocks nosedived by up to 10% in some cases.

Bitcoin is down by 9% to $5,800 in the same timeframe, hinting again a positive correlation with the stock market.

Stocks and Futures Plunge (Again)

The number of deaths linked to the novel COVID-19 is rapidly approaching 15,000, while confirmed cases are close to 340,000. Months after the outbreak, it’s no secret that the virus is hitting global economies as businesses and countries are shutting down. Consequently, the stock markets are feeling the immense pressure and continue to plunge.

The rising numbers of coronavirus cases in the second-most populated nation in the world, India, led to the lockdown of 75 districts today, including Delhi and Mumbai. As a result, the country’s most popular indexes – Sensex and Nifty – lost up to 10% of their value. The steep declines followed in halting the trading activities for 45 minutes.

Australia’s S&P/ASX 200 and South Korea’s Kospi (KOSPI) also went down today by approximately 5.5%. Hong Kong’s Hang Seng Index (HSI) dropped by over 4%, while China’s Shanghai Composite (SHCOMP) lost 2.4%.

The only silver lining coming today from the East is Japan’s Nikkei 225, which saw an increase of 2%. Less positive news for the country, though, touched upon one of the largest events of the year – the Olympic Games in Tokyo. Originally scheduled to begin on July 24th, the International Olympic Committee’s executive board is contemplating postponing – not canceling – the Summer Olympics.

The U.S. stock futures are in no better shape than most of the Asian markets. S&P 500 and Nasdaq futures are currently down by 3.7% and 3.1%, respectively. Dow (INDU) futures, on the other hand, noted a 900 point fall. The 5% drop triggered the “limit down,” which halted further declines.

Today’s slumps came after U.S. Senate Democrats blocked movement on the $1 trillion stimulus package on Sunday, initiated by Republicans to deliver aid to the citizens and local businesses. It’s also worth noting that last Monday was one of the worst on Wall Street, as indices marked declines not seen since 1987.

Another Positive Correlation By Bitcoin?

The largest digital asset has previously showcased a compelling correlation with the stock markets. In 2019 and early 2020, it was mostly negative. However, it all changed when with the outbreak of the COVID-19. Once the consequences of the virus started to apply pressure on most markets, Bitcoin and stocks were plummeting likewise.

So far, today is no different. The primary cryptocurrency is on the downfall again. Reaching a high of $6,400 yesterday, it has retraced with 9% to the current level of $5,830.

As Cryptopotato reported yesterday, this could be the calm before the storm. Bitcoin is now testing the first support level at $5,800. If it’s to decline even further, the next ones are at $5,650 and $5,500. Alternatively, if BTC moves in the opposite direction, firstly, it would have to break the $6,000 resistance before it reaches the next level at $6,300 – $6,400.

BTCUSD 1h. Source: TradingView
BTCUSD 1h. Source: TradingView
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Tags: Bitcoin Coronavirus (COVID-19) India Japan
Enjoy reading? Share with your friends
Facebook Twitter LinkedIn Telegram

About The Author

Jordan Lyanchev
More posts by this author

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

Join Our Community

FacebookX YouTubeTelegram


Editorials
How to Trade on Hyperliquid: The Ultimate Guide (Step-by-Step Walkthrough)

How to Trade on Hyperliquid: The Ultimate Guide (Step-by-Step Walkthrough)

10 Best Meme Coins to Watch in June 2025

10 Best Meme Coins to Watch in June 2025

7 Best Meme Coin Presales to Watch in June 2025

7 Best Meme Coin Presales to Watch in June 2025

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

11 Best Crypto Presales to Consider in June 2025

11 Best Crypto Presales to Consider in June 2025

Need for Speed – Only Ultra-Fast Blockchains Will Win the Adoption Race (Opinion)

Need for Speed – Only Ultra-Fast Blockchains Will Win the Adoption Race (Opinion)

Join Our Newsletter
Become a CryptoPotato VIP
One Weekly Email Can Change Your Crypto Life.
Sign-up FREE to receive our extended weekly market update and coin analysis report
We NEVER send spam. You can unsubscribe at any time.
Invalid email address
Thanks for subscribing!
Footer Logo
About
Advertise on CryptoPotato
About Us | Contact Us | Careers
Editorial Policy
Terms of service | Privacy Policy | GDPR
More Sections
IEO List | Evaluations
Airdrops
Scholarship
Disclaimer
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
© Copyright CryptoPotato 2016 - 2025
Scroll to top
One Daily Email Can Change Your Crypto Life.

Sign-up FREE to receive our extended daily market update and coin analysis report

We never send SPAM. You can unsubscribe at any moment
Invalid email address
Thanks for subscribing!