Bitcoin lost 22% of its value and fell below $6,000. Within one day, the cryptocurrency market capitalization lost more than $50 billion.

Amid the crisis in the oil market, exacerbated by the coronavirus pandemic, the first cryptocurrency fell in price by 22%. Bitcoin crashed to $6000. The average weighted rate of the first cryptocurrency dropped to $5895. Its rate even temporarily dropped to $5700 on several trading platforms. Bitcoin has not been traded since May 2019 at these levels. Back in mid-February, bitcoin was trading at $10,500, which means a 42% drop compared to today's price.

The bitcoin capitalization lost almost $50 billion per day and dropped to $107 billion.

The decline in bitcoin price led to the liquidation of futures contracts and other positions using borrowed funds worth more than $700 million on BitMEX.

The fall in cryptocurrency prices reflects the global trend for the sale of risky assets against the backdrop of the financial crisis. Investors exit volatile assets, such as stocks and cryptocurrencies, and move into less risky assets, such as government bonds. This week, for the first time in history, the yield on 30-year US Treasury bonds fell briefly below 1%. This was a sign of unprecedented investor demand for US government debt.

Investors are worried that in the coming weeks, the coronavirus pandemic will lead to a sharp reduction in consumer spending on travel and leisure services. This short-term cost slowdown, in turn, can create a ripple effect that will cut costs in other sectors of the economy.

Bitcoin was followed by the entire cryptocurrency market, which fell to $170 billion within a day. Ethereum fell 27%. Other cryptocurrencies also dipped by an average of 30%.