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Bitcoin and Altcoins trade in red as the Coronavirus spreads
Get the weekly summary of cryptocurrency market trends, news, and forecasts!
This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $245 billion.
- Bitcoin loses momentum and falls below $9,000
- Ethereum value drops below the $220 support level.
- XRP ends at $0.23 and continues its depressing devaluation
- Concerns over the coronavirus spread along with the flu past China’s borders.
Crypto Trends 24th Feb – 01st Mar 2020: PERFORMANCE & ANALYSIS
The last week has seen the cryptocurrency market follow an all-out downtrend after financial markets worldwide recorded losses. The reason for depreciation lies in the quick spread of the coronavirus outside China, Europe, and South America.
The last week of February affected all digital assets. Bitcoin lost more than 12% from the previous week, and the optimistic surge that saw the most popular crypto increase in value for six weeks in a row came to an end.
Another reason for Bitcoin’s downfall was a mid-week report coming from the United States, which said that the U.S. Securities and Exchange Commission rejected the establishing of ETF – a Bitcoin exchange-traded fund. For now, Bitcoin is trading at $8,500, which is very close to its next support level at $8,400 and quite far from the resistance barrier at $9,000.
Ethereum and the other altcoins traded in red for the past seven days. For now, ETH holds above 0.025 BTC support, but it dropped below the support level at $220, and now it is trading at a disappointing $215.
XRP followed the course of its worst forecast and dropped below the $0.245 mark, and now it is trading at a little over $0.22. It appears highly unlikely for the bulls to recover and regroup quickly enough to save the coin from falling under the $0.20 threshold. For now, the near future looks bleak for Ripple’s crypto.
What’s in the News?
- The global stock is on a continuous downtrend, and Wall Street goes in the red for six days straight.
- China puts a block on the development of the nation’s cryptocurrency because of the coronavirus effects.
- Japanese Finance Minister Taro Aso will discuss digital currencies at next month’s G20 meeting.
- South Korea’s central bank wants to build a blockchain-based system to improve record-keeping in the bond market.
- Asian Economy and Forex Market are heavily affected by Coronavirus spread.
- Digital-commerce giant Shopify has joined Facebook’s Libra project.
Next Week’s Market Forecast
In the upcoming week, the cryptocurrency market should still feel the impact of the coronavirus pandemic. Currently, the industry is under pressure from the downtrend financial markets globally and constantly growing uncertainty.
Bitcoin is testing a large support area, and the altcoins should remain in its shadow for the first few days of the first week of March. Investors will be looking at crypto funding as soon as the market recovers from the coronavirus scare.
Some of the most important cryptocurrency-based events of next week include:
- Hong Kong Blockchain Week 2020 (3-6 March 2020)
- Ethereum Community Conference 3 in Paris (3-5 March 2020)
- MIT Bitcoin Expo 2020 held in Cambridge, Massachusetts (7-8 March 2020)