Antihype on money: Bitcoin Still Seeking Bottom
Main page Opinion, US, Bitcoin, Crypto Market, Cryptocurrency
Hot topic
March 19, 2020

This article is brought to you by a Russian Telegram channel "Antihype on money," an analytical channel about all economic hype trends and their triggers.

What happened: From the very beginning of panic sales, cryptocurrencies have been falling along with all other classical assets. Thus, Bitcoin (EXANTE: Bitcoin) lost the status of "digital gold." Now the actions of central banks and the situation with the coronavirus pandemic do not contribute to a change in sentiment within the traditional market.

Antihype on money: Bitcoin Still Seeking Bottom

What really happened: Fundamentally, there are no prerequisites for a further fall, only panic sales. Over the past few days, Bitcoin has been in the process of consolidating around the $5000 mark. The main reason why the coin "stamped" around this price level is the uncertainty that the cryptocurrency still found its adequate bottom.

Recently, bitcoin has ceased to duplicate the negative dynamics of stocks or raw materials, stopping at the same level. We can cautiously assume that the current growth has reason to turn into a rebound.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error