Bitcoin plunges again, following the bearish trend in US stock exchanges
October 7, 2020 10:24 am
Trump’s return to the White House (after being hospitalized for three days due to coronavirus) led to a sharp rise in bitcoin yesterday, bringing it to a value of $ 10,760.
However, today, it plunged again by about 1.3%, and this is due to the bearish trend in US stock exchanges, as explained by analysts.
CoinMarketCap, which calculates the average price for more than 20 world exchanges, reported that the virtual currency has fallen in price by 1.33%, reaching a value of $ 10.609. Meanwhile, in Binance, one of the largest cryptocurrency exchanges in terms of trading volume, it fell by 1.29% to the same $ 10.609.
As a matter of fact, such a downward scenario was already outlined last Tuesday evening, when exchanges in the United States fell by about the same amount on the main indices. The reason for this is Donald Trump’s announcement to end talks over the long-disputed coronavirus relief bill, which resulted in House Speaker Nancy Pelosi declaring that she will pass a huge stimulus bill if Joe Biden wins the upcoming election. Even so, Democrats continue to insist on a package worth more than $ 2.2 trillion, while the Republicans are in favor of only $ 1.6 trillion.
Today, bitcoin accounts for 58.6% of the global cryptocurrency market. Despite the successive news about the fluctuation of prices, it continues to confidently hold back its positions, not minding controversial news such as the surge in coronavirus infections, nor Trump’s hospitalization and recovery. Investors, although closely following the development of the situation, do their best to avoid panic in the market.
The material has been provided by InstaForex Company – www.instaforex.com
Trump’s return to the White House (after being hospitalized for three days due to coronavirus) led to a sharp rise in bitcoin yesterday, bringing it to a value of $ 10,760.
However, today, it plunged again by about 1.3%, and this is due to the bearish trend in US stock exchanges, as explained by analysts.
CoinMarketCap, which calculates the average price for more than 20 world exchanges, reported that the virtual currency has fallen in price by 1.33%, reaching a value of $ 10.609. Meanwhile, in Binance, one of the largest cryptocurrency exchanges in terms of trading volume, it fell by 1.29% to the same $ 10.609.
As a matter of fact, such a downward scenario was already outlined last Tuesday evening, when exchanges in the United States fell by about the same amount on the main indices. The reason for this is Donald Trump’s announcement to end talks over the long-disputed coronavirus relief bill, which resulted in House Speaker Nancy Pelosi declaring that she will pass a huge stimulus bill if Joe Biden wins the upcoming election. Even so, Democrats continue to insist on a package worth more than $ 2.2 trillion, while the Republicans are in favor of only $ 1.6 trillion.
Today, bitcoin accounts for 58.6% of the global cryptocurrency market. Despite the successive news about the fluctuation of prices, it continues to confidently hold back its positions, not minding controversial news such as the surge in coronavirus infections, nor Trump’s hospitalization and recovery. Investors, although closely following the development of the situation, do their best to avoid panic in the market.
The material has been provided by InstaForex Company – www.instaforex.com
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