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October 30, 2020
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Guide & Analysis

Bitcoin devalues ​​$ 700 in the face of fear of a second wave of COVID-19

The crypto market, Wall Street and gold, lost a significant share of value after the increase in confirmed cases of COVID-19 and more restrictions in Europe.

Cryptocurrency market capitalization has lost about $ 18 billion in value since yesterday. Bitcoin plunged around $ 700 to $ 10,300, while altcoins worsened with some vigorous double-digit declines.

Bitcoin drop

A few days ago, Bitcoin tried to overcome the psychological level of $ 11,000 on two occasions. However, the asset was unsuccessful in either and continued to trade below $ 11,000.

Yesterday, however, the situation worsened rapidly when BTC started to drop from around $ 10,990 to its daily low of $ 10,296 (at Binance). Since then, Bitcoin has recovered slightly and is currently trading around $ 10,380, which still represents a 5% drop on a 24-hour scale.

Adverse Bitcoin developments resemble those of other financial markets. The price of gold went from its daily high of $ 1,960 an ounce to about $ 1,880 in a matter of hours as well. The precious metal has also recovered some ground since then and is traded above $ 1,900.

The three most prominent Wall Street stock market indices also started yesterday’s session with significant declines and closed in the red. The movements followed the fall of European actions on the possibility of implementing more severe restrictions due to the increase in confirmed cases of COVID-19.

Bleeding Altcoins

As usually happens after a sharp drop in Bitcoin prices, most altcoins followed suit. Ethereum has dropped 10% since yesterday to $ 336. Ripple (-6%) struggles to stay above $ 0.23.

Polkadot (-15%) and Binance Coin (-12%) are the most substantial losers in the top 10. Bitcoin Cash (-7%), Chainlink (-9%), Crypto.com Coin (-5.5%) and Litecoin (-9%) are also falling.

Bitcoin devalues ​​$ 700 in the face of fear of a second wave of COVID-19 25

As seen in the chart above, red dominates the entire market. Of the lower capitalization values, Uniswap leads with a 30% drop and UNI is trading at $ 3.8. A few days ago, Uniswap’s newly launched governance token cost $ 7.

Elrond continues with a 21% reduction. NEO (-21%), Aragon (-20%), HedgeTrade (-18%), SushiSwap (-22%), Arweave (-18%), Kusama (-18%), Ren (-15%), and Balancer (-16.5%) are some of the tokens that plummet in double-digit percentages.

In total, crypto market capitalization fell from yesterday’s peak from $ 349 billion to about $ 328.5 billion at the time of writing these lines.

Source: cryptopotato

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