Earlier, the US Federal Reserve System said that it lowered the target range for the federal funds rate to 0-0.25 percent in the wake of the coronavirus disease (COVID-19) pandemic.
The most popular cryptocurrency, Bitcoin, dropped to $4,521, mirroring falls across global markets.
The digital coin dropped 15%. Other cryptocurrencies followed the slide in price.
— Victor Zubarev (@VictorZubarev) March 16, 2020
Earlier in the day, major European stock indexes fell by 4-6 percent over concerns about the pace of the spread of the coronavirus and its impact on the global economy.
Investors continue to price in the global spread of coronavirus and its impact on oil demand.
On Wednesday, the World Health Organization (WHO) declared the outbreak of the new coronavirus disease a pandemic.