Stocks, China and the dollar: 3 reasons why Bitcoin price is tanking below $40K
$39,000 may seem unfairly cheap for Bitcoin, but there is likely more keeping it there than just Elon Musk. Bitcoin (BTC) has hit its lowest price since Feb. 8 and is struggling to maintain $40,000 — but is Elon Musk wholly to blame?Cointelegraph takes a look at other factors working against Bitcoin bulls this week as the market returns to levels that some thought would never appear again.USD bounces off multi-month lowsTesla CEO Elon Musk bashing Bitcoin's energy consumption is the narrative of the moment everywhere, but some classic hurdles to fresh price gains are also back this....
Related News
Bitcoin has had one of its best weeks since August 2014, peaking US$500 per bitcoin on November 5, reaching a new yearly high and attracting the interest of high profile Chinese investors and well-established financial institutions. However, the bitcoin price quickly depreciated as it surpassed US$500 in most Chinese exchanges including Huobi and BTC China, falling back to the US$380 zone and sustaining itself ever since. interestingly, prominent bitcoin startup, exchanges and financial experts are unable to pinpoint the exact reasons to both the surge and depreciation of the bitcoin....
Stocks haven't been allowed to legitimately discover price for many reasons. But with Bitcoin, we unlock a new money valuation paradigm. The post Stocks Don’t Truly Discover Price, Bitcoin Fixes This appeared first on Bitcoin Magazine.
The price of Bitcoin suddenly fell by 3% within hours alongside the U.S. dollar, gold and stocks as the outcome of the U.S. election is still up in the air. The price of Bitcoin (BTC) suddenly fell by 3% within hours on Nov. 4 to $13,566 after briefly rising above $14,000. Coincidentally, the U.S. dollar, gold and stocks all fell together in tandem.Analysts are pointing to uncertainty surrounding the election as the catalyst for the sharp correction. Bitcoin 1-hour chart. Source: TradingView.comWhy markets fell after surging during the vote countWhen the mainstream media was actively....
Bitcoin rose during the weekend and continued trading upwards on Monday as traders weighed its bullish prospects against a tanking US dollar.
The price of Bitcoin (BTC) rose to $13,900 after declining to sub-$13,500 on the day. The catalyst behind BTC’s abrupt rally was likely the decline of the U.S. dollar, which fell after the election day. As the dollar slipped, Bitcoin, stocks, and treasuries rallied together. The Dow Jones spiked by 2.24%, surging by nearly 6% […]