Market overview: March 9 — 13, 2020

It’s finally Friday, and here is our weekly digest for you. Take a look at the hottest news of cryptocurrency and blockchain industries right now.

Cryptocurrency market crash

According to CoinMarketCap, cryptocurrencies experienced significant losses during this workweek. Cryptocurrency prices have plunged sharply over the last few days, with around $50 billion lost from cryptocurrency markets. BTC price has fallen dramatically by 20%.

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Some cryptocurrency analysts believe that the reason of market crash is coronavirus, which impacts on the global economy.

Other experts think that PlusToken, an alleged Ponzi scam, is the real reason of the market drawdown.

Snowden plans to buy the dips

Following Bitcoin’s crash, the world’s most famous whistleblower, Edward Snowden, announced purchasing BTC after its price decline. He shared his opinion in a recent post on Twitter.

Snowden comments on BTC price tumble

Global authorities: watch out for coronavirus-related cryptocurrency scams

Several countries published scam warnings due to coronavirus outbreak. According to CoinDesk, the United Kingdom’s Financial Conduct Authority warned investors that scammers may try to take advantage of the global disease:

”These scams take many forms and could be about insurance policies, pensions transfers or high-return investment opportunities, including investments in crypto assets.”

U.K. authorities also mentioned that fraudsters ask for donations in BTC to WHO or the Centers for Disease Control and Prevention.

That’s all for now. Stay tuned for new articles on Quantum.uk blog!