Bitcoin price has been in sharp decline with the coin falling below $7,500, as investors continue to sell amid the escalating coronavirus crisis.
At the time of writing, the largest cryptocurrency has dropped by another 5.8% in the last 24 hours, currently sitting at the price of $7,390 per coin. Ethereum is performing poorly, with a decline of 14% in the last 24 hours, and a current price of $170,59.
Other altcoins on the top 10 list are all suffering losses, often larger than 10%, amid fears of a world slowdown sparked by the outbreak.
The gold spot price has jumped 28% this year to $1,63635 per troy ounce in afternoon trading today acting as a safe haven for investors. By contrast Bitcoin has fallen almost 30% from its most recent peak in February as global markets were roiled by an increasing array of headwinds including the coronavirus outbreak and a shock plunge in crude prices.
Jeffrey Levine, chief executive of Blueprint Wealth Alliance, said on Twitter earlier this week: “I take no pleasure in seeing anyone lose money, and I’m still open to cryto investing, but can we please agree the last few weeks have shown that crypto is NOT the safe storer of value that so many of its proponents have claimed?”
After this drop past $7,500, the next target on the low end is believed to be $7,200. Experts consider this level to be the key support and resistance level, and it was a highly-traded zone in the past. Vijay Ayyar, Singapore-based head of business development at crypto exchange Luno, said that the coin is moving towards the level where there is liquidity, and since it did not find it at $7,500, the next most likely level is at $7,200.
Trusted & Regulated Stock & CFD Brokers
What we like
- 0% Fees on Stocks
- 5000+ Stocks, ETFs and other Markets
- Accepts Paypal Deposits
Min Deposit
$200
Charge per Trade
Zero Commission on real stocks
64 traders signed up today
Visit Now67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Available Assets
- Total Number of Stocks & Shares5000+
- US Stocks
- German Stocks
- UK Stocks
- European
- ETF Stocks
- IPO
- Funds
- Bonds
- Options
- Futures
- CFDs
- Crypto
Charge per Trade
- FTSE 100 Zero Commission
- NASDAQ Zero Commission
- DAX Zero Commission
- Facebook Zero Commission
- Alphabet Zero Commission
- Tesla Zero Commission
- Apple Zero Commission
- Microsoft Zero Commission
Deposit Method
- Wire Transfer
- Credit Cards
- Bank Account
- Paypall
- Skrill
- Neteller
What we like
- Sign up today and get $5 free
- Fractals Available
- Paypal Available
Min Deposit
$0
Charge per Trade
$1 to $9 PCM
Visit Now
Investing in financial markets carries risk, you have the potential to lose your total investment.
Available Assets
- Total Number of Shares999
- US Stocks
- German Stocks
- UK Stocks
- European Stocks
- EFTs
- IPOs
- Funds
- Bonds
- Options
- Futures
- CFDs
- Crypto
Charge per Trade
- FTSE 100 $1 - $9 per month
- NASDAQ $1 - $9 per month
- DAX $1 - $9 per month
- Facebook $1 - $9 per month
- Alphabet $1 - $9 per month
- Telsa $1 - $9 per month
- Apple $1 - $9 per month
- Microsoft $1 - $9 per month
Deposit Method
- Wire Transfer
- Credit Cards
- Bank Account
Share
Ali Raza
