Bitcoin managed to get a small intraday bounce and found initial support around $7,600. In the daily, support is around $7,600, while resistance is around $8,200. Price is likely to form small ranges, while the current selloff may have another swing with next target of support around $7,000 - $6,800 if price breaks below $7,600.
Global market cap is at $225B, while BTC's market cap is at $144B.
Due to the Corona Virus scare, Carnage ensued in the global markets as the main financial indexes in the US closed down by more than 7%, while London's index of top shares ended the day nearly 8% lower. Similar drops took place across Europe and Asia as a row between Russia and Saudi Arabia saw oil prices plunge. The Dow sank by 7.8% or more than 2,000 points - the biggest points-drop in history and the largest decline in percentage terms since the financial crisis. The S&P 500 fell 7.6%, while the Nasdaq dropped about 7.3%. The declines in London wiped some £125bn off the value of major UK firms. The UK and US falls were mirrored by similar declines in Europe, with the main stock market indexes in France, Germany and Spain all closing over 7% lower.
Neil Shearing, group chief economist at the consultancy Capital Economics, said: "The most likely worst-case scenario today is a sharp but probably short recession rather than an outright depression. As the virus spreads, there's a good chance that that 'worst case' scenario quickly becomes the most likely scenario.
Robinhood, crypto and stock trading app, experienced another technical outage on Monday, March 9. It hasn't been a while since the app also experienced a major outage last week. According to the company's website, Robinhood has already identified the issue and implemented measures to fix the problem, while some trading services are experiencing "degraded performance." Clients were unhappy about the incident; which caused them to miss major market moves, and some are planning to start a legal class action against Robinhood.
Federal Judge Bruce Reinhart has chastised known scammer and loser Craig Wrightfor producing forged documents and giving perjured testimony during the ongoing litigations between Wright and Ira Kleiman during a hearing concerning the Tulip Trust. Reinhart questioned Wright's credibility, noting that — in the past — the self-proclaimed Satoshi Nakamoto had openly lied to the court:
"Particularly given my prior finding that Dr. Wright has produced forged documents in this litigation, I decline to rely on this kind of document, which could easily have been generated by anyone with word processing software and a pen [...] I give no weight to sworn statements of Dr. Wright that advance his interests but that have not been challenged by cross-examination and for which I cannot make a credibility determination. I have previously found that Dr. Wright gave perjured testimony in my presence."
Wright will likely serve time for making a mockery of the US justice system and doubling down in his scam of pretending to be the creator of Bitcoin, something that has been debunked easily multiple times by many experts.