The Bitcoin (BTC) price swiftly slumped back to the $5,300 level, shedding more than eight percent in minutes. After extending its losses, the cryptocurrency is trading at $5,141 on the Bitstamp exchange.
Trump announces a press conference
The recent slump came after US President Donald Trump announced a press conference on the coronavirus. During this conference, the POTUS is expected to declare a national emergency over the pandemic.
In other news, Brazillian president Jair Bolsonaro, who met with Trump last week, has tested positive for the coronavirus, according to a Fox News report. However, his Facebook page denies it.
Markets feel anxious
Notably, Bitcoin pared its gained together with the U.S. stock market. The Dow, which surged by more than six percent during after the opening bell, is now up only 1.71 percent.
As reported by U.Today, Bitcoin had its biggest daily price collapse since 2013. Meanwhile, the U.S. equities had their worst day since 1987.
Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!