In a violent week for world trade and stock markets, the cryptocurrency market was unable to remain untouched from the growing fear of Coronavirus and several restrictions imposed on traveling and movement of goods. Although the cryptocurrency market is going through turbulence for around a month, the Bitcoin price hit an all-time low within 10 months today. The bitcoin crossed the $6K support but quickly rebound to above $6,550.
Source: Coinmarketcap.com
According to experts, the recent announcement of President Donald Trump’s announcement on 30-days ban on travel from the European countries along with the failure of meeting investor expectations have triggered this violent sell-off and crashed the price.
Along with Bitcoin and other cryptocurrencies, the stock markets were also significantly low. The UK FTSE 100 recorded a 6% fall while the S&P 500 was again failed to show any upward movement. The Japanese stock market also lost 4.5 percent. Throughout the week, the bears showed a strong presence and managed to push the changes in a negative digit.
Stable assets such as U.S. Treasury bonds have also seen to be impacted by the worldwide stock market crash. Despite bearing the immense sell-off pressure, a 0.89 percent loss was noted on Wednesday.
With the stock and cryptocurrency market are going through a period of crisis, the yellow metal, Gold, seems to have not impacted. Gold, a safe haven asset, showed no significant change in price and struggled for an upward movement during this period of slowdown.
Unlike to traditional stock market, cryptocurrencies are known for the violent and sudden movement. The price of Bitcoin is following a downfall for the last few months, however, the experts are still considering the current price within the safe price zone. The last key support $5,500 is yet to be broken and the technical signs show hope of bouncing back the price to $7000.
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