Bitcoin (BTC) struggled to turn $6,000 into back up during trading on March 12 as the second "Black Monday" outcome in the same calendar week pushed stocks to perilous lows.

Cryptocurrency market daily overview. Source: Coin360

BTC bounces off $five,700 floor

Data from Coin360 and Cointelegraph Markets showed BTC/USD trying and failing to recapture $half dozen,000 after shedding 20% in a single hour.

As Cointelegraph reported, Donald Trump'due south travel ban set up the scene for a coronavirus panic attack on Bitcoin markets, with the cryptocurrency crashing to 10-month lows of $5,720.

On an hourly time frame, the result marked Bitcoin's worst operation on record.

At press fourth dimension, those lows remained, BTC/USD trading in a roughly $400 corridor as Wall Street faced some other 24-hour interval's losses.

Cryptocurrency market daily overview. Source: Coin360

Trading ceased for 15 minutes after stocks shed 7% upon opening Thursday morning time in New York. The Dow Jones fell 9%, while the Due south&P 500 rapidly lost 9%.

Later on trading began in London, the United kingdom of great britain and northern ireland's FTSE 100 index hemorrhaged value — as one commentator noted, were it to close at printing fourth dimension levels, the FTSE would take had its worst day since the 1987 "Black Monday."

Traders shudder at fiat coin printing plans

Bitcoin's performance came in for criticism from familiar faces. Gold issues Peter Schiff claimed that its downturn on the daily meant it could inappreciably stand up to the championship of "digital gold" — the precious metal lost a comparatively pocket-sized two.5% on the day.

For supporters of Bitcoin, however, it was central banks' response to the crisis which proved most difficult to swallow.

A raft of stimulus packages surfaced from governments, based effectually the idea of flooding markets with liquidity conjured from sparse air.

Twitter user Hodlonaut, creator of 2022'south Lightning Torch transaction relay, summarized:

"Translation: We will impress harder than we take ever printed."

Cointelegraph Markets analyst filbfilb meanwhile urged caution. Pointing to Bitcoin's mempool, which showed significant volumes of coins circulating, he argued that betting on recovery was too risky now.

"I just can't be long while I know there is so much BTC in transit," he told subscribers of his Telegram trading channel.

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