Bitcoin approached the $ 10,000 mark earlier this week, having experienced its biggest sell-off since early September. If stocks continue to weaken, Bitcoin will fall below this psychological threshold, analysts say.
The most popular cryptocurrency, Bitcoin, weakened by 4.5 percent in Monday alone. Ethereum has even lost almost a tenth of its value. Even Tuesday’s trading did not indicate that the two cryptocurrencies should return quickly to their initial values. Both Bitcoin and Ethereum continue to lose more than one and three percent, respectively.
According to analysts, the bad mood on the stock markets is to blame. They weakened massively in both American and European markets. According to analysts, it is possible that Bitcoin could soon be traded for less than $ 10,000. It will depend on whether stock exchanges recover or continue the downward trend.
However, September is generally the worst month, with stock market tendencies prevailing on stock exchanges. In addition, US presidential elections are soon to take place, the coronavirus pandemic is not subsiding, and investors are increasingly nervous. This creates an ideal mushroom in the markets for further sales. So far, assurances from the Federal Reserve that it will keep monetary policy loose for a relatively long time do not help.