Bitcoin Falls by Over $1,000 as New Covid Strain Boosts Dollar Demand
A minor rebound in the US dollar market prompted Bitcoin to reverse its upward momentum on Monday. The benchmark cryptocurrency fell by more than $1,000 in the early morning European session, hitting an intraday low at $22,430. So it appears, Bitcoin’s latest downside move came as a correction to neutralize its overbought conditions. The BTC/USD […]
Related News
As reports of a new Covid-19 strain spread, tanking the price of many cryptocurrencies, El Salvador bought the dip. The country has added 100 more bitcoins to its treasury despite a recent warning by the International Monetary Fund (IMF), bringing the total number of bitcoins purchased to 1,220. El Salvador Buys the Dip: 1,220 Bitcoins Purchased to Date El Salvador has taken advantage of the Friday sell-off and purchased 100 more bitcoins as reports of a new coronavirus variant spread. The Salvadoran president, Nayib Bukele, tweeted on Black Friday that his country has bought the dip.....
Back in March of 2020, those taking position ahead of the Bitcoin halving were blindsided by the Black Thursday market selloff, driven by panic at the onset of the COVID pandemic and subsequent lockdowns. With the new Omicron strain making headlines, and lockdowns once again considered, could the cryptocurrency market be facing another dangerous macro storm and catastrophic collapse? Omicron & The Return Of The Black Swan Trend Line According to Wikipedia, a black swan is “an event that comes as a surprise, has a major effect, and is often inappropriately rationalized after the fact....
Bitcoin bulls appear to be back, but a strengthening U.S. dollar, a new wave of COVID-19 infections and low trading volumes threaten the current recovery. The ongoing story for the past couple of months in the cryptocurrency market has been confusion on whether Bitcoin (BTC) is destined for another leg down or is finally ready to break out toward new highs.Bitcoin's price history and data from previous corrections suggest that the current struggles for the top cryptocurrency could persist for a little bit longer due to the strengthening dollar, the possibility of decreasing economic....
Oil prices have plummeted lately, bringing economic relief to consumers but leaner revenues to oil-exporting nations such as Russia, Venezuela, and Nigeria. The Organization of the Petroleum Exporting Countries (OPEC) debated cutting production, but leading exporter Saudi Arabia staunchly refuses to lower their production-no matter how low the oil price falls. As low oil prices place strain on economies in countries such as Russia and Venezuela, residents may increasingly convert their wealth to bitcoin to avoid currency crashes. Also read: Russian Ruble's Depreciation Could Trigger....
Blockchain technology is being posited as a potential solution to U.S. dollar liquidity issues in emerging markets. Blockchain fintech company XREX has concluded a $17 million pre-A investment round led by a consortium of global investors, underscoring heightened institutional demand for crypto-focused startups. The consortium was driven by CDIB Capital Group, a publicly traded company in Taiwan, and includes investors from major banks and venture capital firms in North America, Europe and Asia. Several other publicly listed companies also participated in the investment round, including....