Will Bitcoin fall as President “Trump” infected with the “Corona” virus?
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Answer Will Bitcoin fall as President “Trump” infected with the “Corona” virus?
It seems that the Corona virus has found a way for US President Donald Trump, after his wife was infected and the test revealed a positive result and she contracted the Corona virus, the same result was for the American president.
Trump tweeted about the news:
Tonight, Tweet embed I tested positive for COVID-19. We will begin the process of quarantine and recovery immediately. We will get through this together!
– Donald J. Trump (@realDonaldTrump) October 2, 2020
After the spread of the news of “Donald Trump” infection with the Corona virus, there was a wide reaction and response to the global stock markets and its journey began in a severe decline, and it appears that the cryptocurrency market also followed it at the time of writing this article.
Read:Ethereum miners don’t sell their ETH, they collect and hold it
Bitcoin drops to weekly low:
decreased Bitcoin fell 4.26% after the news spread from $10,660 to $10,440.
It can be said that the negative news related to the infection of the US President with the Corona virus comes after the negative news also related to the BitMEX platform, which was subjected to accusations of violating the law and contributing to money laundering.
Bitcoin saw a slight recovery and rose to the $10,440 level at the time of writing, bringing the coin back to weekly support.
Taking a long-term view, Bitcoin is still within the defined channel range, and the reaction from the sellers was just a passing move.
Farmer Plantz, a trader in the cryptocurrency market, pointed out that Bitcoin is no longer linked to gold but has become more linked to stocks.
gold dollar Pump, $ btc Dumping this news.
I guess, once and for all we can all agree on that #btc Not tied to gold and tied to stocks, no chopping and changing when it fits our bias, that’s how it is now. pic.twitter.com/AlMlW3MW15
Read:Binance reveals the availability of the “Short” option on the BNB cryptocurrency
Plantz Farms (SmartContracter) October 2, 2020
Gold prices rose after the recent news which brought the precious yellow metal back above $1900 an ounce again.
Naturally, cryptocurrency critics like Nouriel Roubini were pleased with the fact that the market is collapsing.
But the truth is that Bitcoin has been in an uptrend for six months, and Bitcoin has gained 45% since the beginning of this year.
If the slide continues, Bitcoin could find support at $10,200, but below that we head to the next level which is in the lower $9K range.
Impact of altcoins:
Naturally, altcoins followed Bitcoin and pulled back as well, with the overall market capitalization shrinking by 8% since the news broke a few hours ago.
Read:Hackers warn and threaten the founder of “Terra”…details here
Ethereum is down about 8% to $337 but it is also still within its side channel that has been formed over the past two weeks.
Arguably the hardest hit cryptocurrency is decentralized finance, with YFI, SNX, UMA, BAND, KNC, SOL, SUSHI and COMP all declining in varying proportions.
There may be more pain, but as we’ve seen countless times before, this is just another normal day for the cryptocurrency market no matter who has contracted the coronavirus.
Read also:
Founder of the TRX project faces serious allegations of bribery, fraud and spreading of lies
Accusing the BitMEX cryptocurrency exchange and its founders of illegal work … and the platform responds
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