The financial markets collapse, and the price of Bitcoin seems to be following the same trend. In a couple of hours have been cleared more than US$ 21,000 million in the market of cryptocurrencies. The massive sales on the market of the cryptocurrencies occur after the futures for Brent crude, an international benchmark in the oil market were to fall by 28.3% to $ 32.43 per barrel, its lowest level since February of 2016. That was caused by Saudi Arabia, who declined official prices of sale of oil, after OPEC failed to agree on cuts in production. Future of the Brent As if outside little the asian markets sink categorically, the Nikkei 225 of Japan is sinking just over 6%, while the main stock exchange of China yields 2.5%. Not even the gold is saved, that in the last 3 hours it has lost $ 35, to$ 1.665. Where is flowing the money lost in the markets? Hard to know in these moments.
Where will the price of Bitcoin?
Between the fierce advance of the Coronavirus and the nervousness of the financial markets, the traditional Bitcoin seems to be dizzy, immersed in a very high volatility.
“For those who have horizons of long-term investment, Bitcoin is a good buying opportunity for these falls,” he told CNBC Jehan Chu, co-founder of Kenetic Capital.
In the graph below can be seen clearly as the Bitcoin has lost $ 1000 in less than 24 hours. Graph of the price of Bitcoin in the last 24 hours. In the short term there is a definite trend in the price of Bitcoin and anything can happen. The next support seriously is located in 7k, that in case of losing it can lead to massive sales.
The Coronavirus is causing havoc in the markets, where daily evaporate billions of dollars. The virus is out of control just like the bags, the oil and until the forex. If you are a long-term investor is a good opportunity to Hold in Bitcoin, because sooner or later you will return to be active as a shelter of excellence. You have to have a little patience while calming the markets.