Bitcoin dips in value while gold rises as Trump tests positive for Covid-19
The year 2020 has been a very strange one and perhaps has been hugely dominated by Covid-19. Besides impacting health and millions of people’s lives worldwide, it also had a very damaging impact to the business aspect of things. Market prices dropped, unemployment rose and businesses stopped in their tracks all because of the pandemic caused by the Corona virus. Cryptocurrency was also impacted as the value of all Crypto’s tanked. One could say that it was all because of $BTC (Bitcoin) as every other coin follows its trend. Now after things have finally started stabilizing, Bitcoin is enjoying a comfortable perch above $10,000 but this might not be its new value for long.
In the previous months, we saw bitcoin trade close to $12,000 and experts claimed that $BTC would surpass its all-time high of $19,700 easily. With the passage of time following events that took place in September 2020, it seems that the top two Cryptocurrencies, Bitcoin and Ethereum has dropped off considerably from their high rates. Maybe it’s just a coincidence or FUD amongst the community but there has not been any high rise as we have come to see from the king of Crypto’s. While the hodlers are still waiting for the value to go above to its previous form, day traders might be happy to see $BTC going down while waiting in the shadows to buy the dip. As for why it went down today from its 24-hour high of $10,930 down to its current $10,400, there have been two main reasons that have come forward. The first one being the whole situation at BITMEX and the sudden withdrawal of 32,000 Bitcoins. The other one that was probably the more shocking one out of the two was the news that President of the United States Donald Trump and the first lady of the United States Melania Trump had both tested positive for Covid-19. After the US President had tweeted that he and the first lady would be spending time in quarantine, Bitcoin took a sharp dip by 3.45% in the daily change. And a 1.5% negative change in the hourly rate. However, gold went the other way by climbing 0.88% in the daily change.
Moving back towards cryptocurrency, we know that Bitcoin is still at the top and it will be quite the long time before it is toppled. Speaking of its value, there are still some that believe it will cross $50,000 in due time while others are looking to sell now with the fear of it going below the essential safe zone of under $10k. As for how much relation the positive testing had on $BTC’s value, we can’t say anything for sure. One thing we are sure about however is that most cryptocurrencies are highly volatile and can change within minutes. We have seen many Altcoins along with $BTC that have shot up in a few minutes. One such example is that of Tyslin which yielded a 400% profit in just a couple of days on its exchange. With its inclusion in the Coin Market Cap and the ever popular UniSwap, it is surely going to be one for the future. Want to check it out for yourself? Click the link to the website. Want to trade it on some exchanges and HODL to profit? Click one of the exchanges mentioned here. Tyslin Exchange, BITXMI or Uniswap.
What are your thoughts on this news? Did $BTC drop because of Trump testing positive? What other reasons could there be for its drop? Will Bitcoin ever bounce back to its All Time High? As always, write down your opinions and thoughts and we would love to feature you on our platform! To read more about the latest news surrounding the Crypto world, visit our Blogspace.