Corona virus affected US the most with their 5000 new cases per day and that has caused a lot of country wide panic that has crashed a lot of their markets. with that panic many bitcoin holders feared a drop like that so they started panic selling.
we all know that whenever bitcoin drops, altcoins dump 10 times harder which is why you see cryptocurrencies dropping this much. however COVID-19 has nothing to do with bitcoin which is why bitcoin price went back up.
and again we all know that whenever bitcoin price rises altcoins get dumped again which is another reason for altcoin drops.
actually i just feel that this corona crisis will actually help the price of bitcoin to increase using online payment .its the best solution right now if you dont want to use fiat money and dont want to be infected there is also things saying that fiat money can also be a cause of transmiting the desease to other people.
But the thing is bitcoin is still not globally accepted. Like in the US there are some parts of America still don't legalise bitcoins same thing in other regions of Europe and Asia. Some people still prefer using bank credit/debit card as it is more convenient and you can use it anywhere and whenever you like.