A sharp correction has rocked the cryptocurrency market since February 23, continuing through February 27 as the BTC price dropped by more than 8% to a new daily low at $8,531 yesterday. The coin managed to recover but we can see that Bitcoin erases its February gains and is still ‘in the middle of nowhere’ by trading around the $8,800 mark.
The cryptocurrency news today show that the bearish momentum is still there. At the opening bell, the equities markets recovered some of the losses of the previous two days. However, at the time of writing, we could see that all of the major stocks, Dow Jones futures, S&P 500 futures and Nasdaq futures dropped by 1.32%, 1.33% and 1.31% respectively. Investors have been increasingly concerned about the economic impact of the Coronavirus which is now present on every continent except Antarctica.
As Bitcoin erases its February gains, tech giants Microsoft and Apple also announced that they anticipate missing key sales targets and it is very likely that they lent another blow to the futures markets.
Reports from the Fuse which are in the Bitcoin news now show that oil refineries in China are processing 25% less oil than usual, and the International Energy Agency noted that oil demand could drop to 435,000 barrels per day, a figure which is significantly less compared to the same period last year.
Russia and Saudi Arabia, both of which are major OPEC members, have entered into a schism over a disagreement related to Saudi Arabia and its decision to cut oil production. What’s important for us is the fact that Bitcoin erases its February gains and at the time of writing is down by around 10%, minimizing the gains accrued from the January 26 rally when it went from $8,336 to $10,500.
The sharp correction from $10,000 calls into question the oft-presented argument that Bitcoin functions as a hedge against volatility in traditional markets. Gold markets are continuing to push higher at the same time, while altcoins are following Bitcoin’s trend and taking a similar beating – some of the top 20 tokens endured double-digit losses.
Ether (ETH), for instance, dropped 10.15% to trade at $215 but then went back to $228 which is its price now, Litecoin (LTC) pulled back 13.21% while EOS and Ethereum Classic (ETC) both lost around 13%.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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