rtmark
LearnBonds.com

Bitcoin falls below $7,500, Investors doubt safe haven claims

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

Rating

What we like

  • 0% Fees on Stocks
  • 5000+ Stocks, ETFs and other Markets
  • Accepts Paypal Deposits

Min Deposit

$200

Charge per Trade

Zero Commission

Rating

64 traders signed up today

Visit Now

75% of investors lose money when trading CFDs.

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

  • 0% Commission
  • Trade Stocks Via CFDs
  • Authorized & regulated by the FCA

Min Deposit

$100

Charge per Trade

Zero Commission

Rating

Visit Now

80.5% of retail investor accounts lose money when trading CFDs with this provider.

Available Assets

  • Total Number of Stocks & Shares+2000
  • US Stocks
  • German Stocks
  • UK Stocks
  • European
  • ETF Stocks
  • IPO
  • Funds
  • Bonds
  • Options
  • Future
  • 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
  • Paypal
  • Skrill
All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
Ali Raza

A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.