Bitcoin Drops Below $7K as Traditional Markets Flatline
crazyfrog last edited by
Bitcoin has fallen beneath the $7,000 psychological price range as global markets took a breather Saturday amid the ongoing trade dispute between the U.S and China.
The world’s largest cryptocurrency by market value dropped beneath its temporary supports near the $7,000 price level at around 22:46 UTC (5:46 p.m. New York time) on Nov. 24 and is currently changing hands for $6,924, according to CoinDesk’s bitcoin price index.
The plunge in crypto comes at a time when traditional markets cooled slightly by Nov. 22’s close, likely due to sentiment surrounding the rhetoric from the U.S national security adviser, Robert O’Brien, who warned that President Trump would not turn a blind eye to Hong Kong’s ongoing crisis.
This would likely complicate efforts by Washington and Beijing to put an end to the prolonged trade war currently underpinning global economic growth forecasts.
As a result traditional markets have flatlined with the S&P 500 index finishing a meager 0.2 percent up, to 3110.29.
The Dow Jones Industrial Average didn’t fare any better, closing 0.39 percent up, to 27,875.62, while the Nasdaq Composite was up 0.16 percent, to 8519.88 by weeks end, according to MarketWatch data.
While BTC has fallen, there’s no indication that capital has been moving away from the cryptocurrency into traditional markets.
Other notable cryptocurrencies such as ether (ETH) and XRP are also down 7.38 and 4.29 percent according to crypto data provider Messari.
The total market capitalization of all cryptocurrencies also fell $11.1 billion, down from a 24-hour high of $201 billion to $190 billion.
hola55 last edited by
Bitcoin has been on such a ride.
supermario last edited by
Some say it's going up, some say it's going down.
elixir last edited by
So when bitcoin drops in value, the total market capitalisation drops together. What an impact.
bell last edited by
As the price plunges, so do many investors' hearts.
harrypotter last edited by
US and China has been such a tiresome pair.
How it has fallen... Just goes to show that anything can happen and will.
@hola55 Yeap. Still waiting for.how it will fare at the end of the year.
@supermario Those are the only two options available.
@elixir It is the original and kinda largest one after all. It cant help being the one that affects the market.
@bell Haha. That is so true.
@harrypotter Yes. With the push and pull. When is it going to end, if ever.