certify
Home arrow Article arrow Article Detail

Reasons that clearly explains how the price of Bitcoin fell to 6% after reaching $15,800

Profile Image

Crypto Business World Follow

INDIA

Nov, 16 2020

Nov, 16 2020

likes | comments 0

Article Image

With an unexpected stock market and the dollar rate that is growing stronger, the price of the bitcoin has dripped down significantly by 6%. There was a significant high of the bitcoin which is around $15,840 which happened just before the crash to $14800. However, five hours after it reached an industry, the cryptocurrency dominance fell by 6%. This massive spike in the volatility seems to have been affected by three crucial factors. The three catalysts for the quick down-trending was the dollar recovery, a fall in the price of gold as Pfizer has spoken that vaccine trials of COVID-19 are creating positive results, and lastly, whales dumping BTC. 


Pfizer has recently announced the third phase of the vaccine trails, which is quite balanced and good. The pharmaceutical giant believes that the vaccine is so far proved to be effective to more than 90% in the prevention of COVID-19. The vaccine has been tested on more than 44000 participants so far, and of course, the results we quite good too. The next process would be for the United States Food and Druga administration for conducting the test before it approves the vaccine on the huge distribution and production as well. 


Right after the announcement of the vaccine be made, there were an Industrial Average surged1,000 points. This has resulted in the strong U.S. stock market rally. Since the U.S. dollar and stocks triumphed, the old and bitcoin as well dwindled simultaneously. a full-time trader at the Amsterdam Stock Exchange Michaël van de Poppe also highlighted the U.S dollar recovery index and also advised that the alternative stories of price such as Bitcoin and Gold are price as opposed to the dollar. This means if there is a recovery of the dollar then the price of BTC could fall alongside steeple with precious metals. 


likes | comments 0

Profile Image

Crypto Business World

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
Bank of Spain Greenlights Euro-Backed Stablecoin Token Pilot Program

Stablecoin and CBDC (central bank digital currency) research is gaining traction in Europe. The issuance of digital tokens pegged to the euro was approved as part of a pilot initiative by the Bank...;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.