Bitcoin (BTC) closed the week at $8,024, a shocking 9.92% loss and a new weekly low not seen since January 13 when the asset traded for $7,946. The abrupt correction took place as DOW, S&P 500 and oil futures plummeted as investor fears over the economic impact of the coronavirus continue to intensify.
Dow futures dropped more than 1,200 points (4.6%), S&P 500 futures fell 4.89% and Brent Crude fell 30%. The volatility in oil futures appears to be driven by a growing disagreement between Saudi Arabia and Russia as the OPEC members debate whether or not cuts to crude oil production should increase as demand weakens across the globe.
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