Bitcoin (BTC) hit ii-calendar month lows is zip compared to aspects of the fiat economy — some saw their worst twenty-four hour period since the 2008 global fiscal crisis.

As coronavirus panic gripped markets worldwide, and so did intense bouts of volatility as various stock exchanges opened after the weekend.

Greenspan: "investors are freaking out"

On Wall Street, trading lasted just minutes on Monday morning before stocks lost then much value that risk reduction systems automatically halted all activity.

Meanwhile, the Dow Jones saw its worst solar day in history in terms of points, opening downwards i,758 points and in terms of percentage rivaling its 2008 functioning.

In the Great britain, the FTSE 100 alphabetize as well put in its worst showing since the crisis twelve years ago.

Bitcoin investors were grappling with a similar shock to the system after BTC/USD shed fifteen% overnight to land at around $7,650 on Monday before bouncing higher.

For Cointelegraph Markets analyst Mati Greenspan, however, traditional markets firmly held heart stage.

Referencing the VIX volatility index from CBOE, Greenspan noted that with a score of 58.29, 2008 levels of "fearfulness" were now merely a stone's throw abroad.

VIX volatility index 1990-present

VIX volatility index 1990-present. Source: TradingView

In individual comments, he suggested that panic over coronavirus was doing more damage than coronavirus itself. He said:

"Investors are freaking out, both over the virus itself merely especially over the possible economic affect that efforts to slow the virus might take."

Ex-Goldman CEO sees "quick recovery"

Fellow Cointelegraph Markets annotator filbfilb meanwhile called the past 24 hours a "remarkable twenty-four hour period."

"I fully expect it to be at mercy to the legacy arrangement (henceforth)," he warned traders of his Telegram trading aqueduct.

Non everyone was then concerned. Lloyd Blankfein, ex-CEO of Goldman Sachs, which received a substantial bailout in 2008, foresaw a "quick recovery" one time coronavirus passes.

"Fear can take mkt lower, but look quick recovery when health threat recedes. Esp in U.s., underlying economy strong, banks well-capped, system not too leveraged," he wrote on Twitter on Monday.

"Dissimilar '08, will avert systemic damage that could have years to work thru. Obviously, not ignoring tragic man toll[.]"

As Cointelegraph reported, U.S. debt alone currently stands at $23 trillion, a historic record and more than double that of 2008.