The last week of February saw a blood bath across various asset classes on fears that the coronavirus outbreak is turning into a pandemic. This led investors to dump their positions in the equity markets, which wiped off about $3.8 trillion of value in U.S. stocks. Gold, which has acted as a traditional safe haven was not spared. The yellow metal plunged about 4.6% on Feb. 28, which took the weekly loss to about 5% for the week.
This shows that the investors did not differentiate between asset classes and sold everything in a state of panic. Bitcoin (BTC) and other cryptocurrencies were also not spared in the selloff as investors might have booked profits in them to cover their losses in the equity markets. Bitcoin fell about 14% in February, dragging the whole crypto space lower.
Top 5 Cryptos This Week (March 1): LEO, HT, LINK, HEDG, Bitcoin (BTC)
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