Current situation on financial and commodity markets impacted crypto trading
Bitcoin was affected by oil price drop and plunged by more than 10% during one day.
Bitcoin price has dropped below the $8,000 mark in the beginning of the week. It was last this cheap in January when it bounced off its $8,000 minimum. Bitcoin sale followed Saudi Arabia announcement on oil extraction increase and discount for its customers.
Crypto currencies seem no longer to serve as a safe-haven as they were perceived some time ago. “All markets correlate during crisis,” said Matt Smith, director of commodity research at ClipperData. Bitcoin strengthened slightly since Monday, yet did not reach the level of $8,000.
Yet, bitcoin is not left alone in the bloody bath. Market value of all crypto currencies on markets dropped in $26 billion since Monday. Bitcoin experienced the biggest drop (in more than 10%), Ethereum with 9% fall followed. Only when situation around coronavirus epidemic and Saudi Arabia-Russia disputes calm down, more significant rally may appear.
