Bitcoin Price Could Be In Trouble Following The Massive Dow Jones Crash
The crypto market is looking better today with the most important coins trading in the green.
At the moment of writing this article, BTC is trading in the green, and the coin is priced at $8,722.01.
Some analysts say that this is just a natural correction ahead of the halving which is scheduled to take place this May.
Dow Jones declined by 1,200 points
It’s been revealed that the stock market is in really serious trouble with the Dow Jones (DJI) declining by 1,200 points in a single day.
This is the biggest decline in history.
This is a reaction to the rising coronavirus concerns all over the world and its massive impact on businesses and markets as well.
Coronavirus is one of the main subjects addressed by outlets all over the world, as the fear and worries about the new virus continue to rise as COVID-19 is spreading in more and more countries these days, affecting the economy at a global scale
Crypto Daily noted that Bitcoin CME Futures expires today and with this gap filled there’s the possibility of a temporary relief rally in the near future.
A really somber prediction
“We have previously mentioned that BTC/USD might decline to $1k in 2021. However, with the growing threat of Coronavirus and its impact on businesses especially in China, things could get worse a lot sooner than anticipated for the cryptocurrency market,” Crypto Daily writes.
The online publication notes that most miners are still based in China and with the situation in over there worsening by the day, people are not allowed to leave homes and work.
They also note that this would have serious implications for Bitcoin and the rest of the crypto market as well.
The online publication concludes by saying that BTC will be highly affected by the coronavirus outbreak.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.