Bitcoin has succumbed to a staggering market sell-off with a 27% move to the downside with price sliding below the $5,900 level of support.
The world’s largest cryptocurrency is now in uncharted territory with it trading at its lowest point since April 2019.
A bounce is expected below $6,000 as traders attempt to ‘buy the dip’, although momentum seems to have certainly shifted to the downside.
The sell-off has been reflected across all digital assets, with Ethereum experiencing a 30% decline to $140 while XRP fell as low as $0.13.
The crash has been attributed to heightened fears surrounding the coronavirus, with several nations effectively locking down regions to stem the flow of the virus.
This has caused a cataclysmic crash in global stock markets with the S&P500 crashing to below 2614 after topping out at 3399 last month.
Bitcoin has often been touted as a safe haven, although the recent crash in its price will undoubtedly scare potential investors off as they may opt to invest in gold, which has remained relatively stable and bullish.
Panic has certainly crept into all global capital markets, with Bitcoin price targets beginning to emerge at $4,850 and $3,150.
From a short term perspective Bitcoin needs to trade back above the $6,400 level of resistance, with this evening’s daily candle close being critical.
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In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.
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