Bitcoin price (BTC) has been declining amid the recent coronavirus developments as today media reported that patients in the UK and Russia tested positive for the virus. The failing trend has been followed past major cryptocurrencies.

Cryptocurrency market daily overview. Source: Coin360

In a day that will mark the divergence of the U.k. (11 p.m. UTC) from the European Matrimony and the confirmation of two cases of coronavirus virus infection in the UK, BTC/GBP pair has been declining by more than iii.vii% since midnight.

Looking at the 15-infinitesimal timeframe, Bitcoin was trading near ‎£vii,274 at midnight and started to decline steadily throughout the early on morn.

BTC GBP 15-minute chart. Source: TradingView

Since 1:30 p.m., around the time most American and British news outlets reported on the confirmation of coronavirus, Bitcoin'southward intraday price trend has been volatile. The digital asset reached a daily depression of £7,015 effectually ii:30 p.1000. with a slight recovery at £7,086 (around 4 p.k.). Soon thereafter, the digital asset ended up declining over again, nearly dropping to a daily low at four:50 p.thousand.

BTC GBP 5-infinitesimal chart. Source: TradingView

Every bit reported earlier by Cointelegraph, Bitcoin price declined after the coronavirus was confirmed in the U.Southward. and a similar effect seems to be happening in the BTC/GBP price equally the health threat reaches a global presence. On the same page, the Due south&P 500 and the Dow Jones Industrial Average Indexes are down by more than 1% for the day.

Post-obit the aforementioned trend, the FTSE 100, the main stock index for companies in the Uk, declined more than than ane%. However, the GBP/USD exchange rate was up today, contradicting the global stock market trend and suggesting an opposite behavior to Bitcoin.

The overall cryptocurrency market place cap now stands at $255.7 billion and Bitcoin'south authorization rate is 66.two%. A handful of large-cap altcoins too mirrored Bitcoin's losses. Nearly notably, Bitcoin SV (BSV) is down more 8% and Bitcoin Cash (BCH) more 5%. EOS is also downwards by more than five%. On the winning side, NEM has gained more than 8% and Ontology (ONT) rallied half dozen%.

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