Lately they have occurred in various movements in the crypto market, so many investors are looking for methods to mitigate the losses caused by the streak bassist of Bitcoin (BTC). However, more than the COVID-19, there are also other variables that altered the quote of the token in the market. Certainly, these aspects have been little discussed, because so many have focused on the pandemic. However, although it may be unfortunate what is happening at the global level, this does not mean that the market must be bear in order to achieve control of the COVID-19. Therefore, from CriptoTendencia we have decided to talk about what have been the other factors that have affected Bitcoin.
Contents
What happened with Bitcoin?
Bags the united States, Europe and Latin america fell next to Bitcoin
Now, beyond the topics discussed that relate to Bitcoin and the cryptocurrencies with the pandemic that is embracing the world, there are also changes in the exchanges and the financial markets. Which have drawn to Bitcoin at prices really amazing. Exchanges in Latin america were also beaten brutally by the economic crisis at the global level. In Argentina, the Buenos Aires stock exchange lost a 13,75%. Then there is the stock exchange of Colombia, which contracted by 10,53% with the presence of the black Monday. Finally Brazil, which is closed with a drop of 12,10%. With respect to Bitcoin, this saw one of the lost larger than it has had since 2017. This figure did decrease by more than 50% of its value, while Bitcoin has been found with the support of 3,800 USD. However, it could rupture and subsequently would be the support of 3,200 USD. However, this situation has been in the past. Currently Bitcoin is in recovery, and for you to achieve a higher figure should get listed near the 6.300 USD and convert this amount in support, to subsequently exit out of this trend of bears.
Certainly, the Coronavirus was not the only reason why Bitcoin fell in price, with the movements in the market during the pandemic, many investors lost confidence in BTC, due to the high volatility that presented. This managed to be seen when the sales volumes increased across multiple platforms, which is clearly a sign of distrust. However, Bitcoin as criptomoneda and active, you should be back to recover their price in a little, and more with the approach of Halving. Therefore, selling is a desperate action that you take some investors. The greater the amount of tokens of BTC is sold, its price will decrease, because there will be plenty of supply in the market. Which, will force users to have to lower prices, causing as a side effect that Bitcoin continue to drop in price.
So it was just a bad streak: BTC recovers after the Halving
This is what we all want to believe, particularly large investors. Because, as is displayed in the panorama, it is possible that Bitcoin only is preparing for the Halving. Which approximates more and more each day and surely cause an increase during the following months of the year. However, since the difficulty of mining is increasing and it is estimated that for the following weeks mining to be more complicated. This may be reflected in the future in two ways: Difficulty of mining increasing and miners pulling out of the market to be very profitable mining. Also, a decrease in the price of Bitcoin and the market criptos in decline.A new impetus to the price of BTC, which will result in a new trend of the bulls, ideal for motivating the miners of cryptocurrencies and stabilize the market.
Conclusion
In conclusion, as several experts have made their predictions, many believe that it was just a “bad streak” for Bitcoin, due to a large amount of factors. And that, with the Halving, BTC will become stable again. Without more to say, just wait and analyze the next movement in the market.