Bitcoin (BTC) savage to effectually its everyman levels this year on March 12 equally some other wave of coronavirus panic gripped both cryptocurrency and traditional markets.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

BTC price sheds some other 7%

Data from Coin360 and Cointelegraph Markets showed BTC/USD sliding under $7,400 on Tuesday. The last time such levels were seen was on January. 3.

Bitcoin 1-day price chart

Bitcoin 1-24-hour interval price chart. Source: Coin360

At press fourth dimension, the pair circled $vii,330 as it reacted to news that U.S. President Donald Trump had halted all travel to mainland Europe for 30 days.

Trump, who had previously denied that coronavirus was a threat, maintained that the hazard to nigh Americans was "very, very low."

This was not plenty to calm markets, however, with the Dow Jones abruptly shedding xx% of its recent highs. In London, which is excluded from the travel ban, the FTSE opened down 5.ane%.

Hash rate slips from highs

Equally Cointelegraph reported, analysts at present broadly look Bitcoin to movement in footstep with market turmoil due to its lack of feel as a safe haven asset.

The network's promising technical fundamentals, which had continued to hit records in recent weeks, now also felt the strain. Hash rate, a measure of the computing resources that miners were dedicating to validating the blockchain, fell from its all-time highs this week.

Bitcoin network hash rate

Bitcoin network hash rate. Source: Blockchain

In the brusk term, should selling pressure level remain, Cointelegraph Markets analyst Michael van de Poppe was looking for targets of $6,400 or $6,154.

"Already hit the levels hither," he said, referring to previous failures to concur support college up.

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