Following Donald Trump’s suspension on travel from Europe to the USA, Luno’s CEO, Marcus Swanepoel has reacted in a brief statement on the impact of the ban and more specifically, the coronavirus on crypto markets.
“The announcement that the US is banning all travel from Europe has led to losses across all the main altcoins, as the full impact of the coronavirus becomes clear.
This morning Bitcoin is below US$7,500 as any positive sentiment was left on the runway.
Ethereum is down to US$179, and XRP has crashed below US$0.20 to trade at US$0.91 as the impact on cross border trade becomes clear.
Bitcoin Cash is at US$245, a coin which was looking to break above US$500 a few weeks ago.
There is no surprise that as coronavirus has been classified as a global pandemic, and for the first time the US has acknowledged the seriousness of the situation, that all markets are coming under pressure.
We do still believe that cryptocurrencies will find buyers coming back in for them as investors will want to be in assets which are uncorrelated to the main markets.” added Swanepoel
Luno is a global cryptocurrency company with +3mn users, making it easy to buy, sell, store and learn about cryptocurrencies such as Bitcoin, Bitcoin Cash and Ethereum.
With a team of over 280 and markets across 40 countries, the company’s core mission is to upgrade the world to a better financial system.
Its African hubs including Lagos, Johannesburg and Cape Town.
Featured Image: auscrypto.life
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