Bitcoin Still Trading Below $7000, Will See a Historic Inflection Point

Yesterday, the cryptocurrency market continued to decline overall in the mid-day, but most of the stocks increased compared to the morning. And today, the Bitcoin (BTC) trend also seems to be moving downside.

BTC is still changing hands below the $7k level. Experts believe the oldest cryptocurrency will see a historic “inflection point” in its life due to the COVID-19 plague.

Eight of the top 10 stocks fell, and 89 of the top 100 were lighting red, indicating a breakdown. According to CoinMarketCap, bitcoin price fell 4.14% to $6,786.93 at 4 pm New York Time amid the overall downtrend.

Ethereum (ETH) fell 5.34%, Ripple (XRP) 3.34%, Bitcoin Cash (BCH) 7.77%, Bitcoin SV (BSV) 5.81%, Litecoin (LTC) 5.61%, and Binance Coin (BNB) rose 0.89 percent. Ethereum dropped below $155, and both BCH and BSV, which have recently finished halving, have cut prices by more than 5 percent.  At that time, the market capitalization of the entire cryptocurrency market was $193.6 billion and the share of BTC was 64.2 percent.

Stock market drop

The digital currency market continued to plunge overall in the intraday, and in the afternoon, most of the stocks, mainly the major tokens, dropped sharply.

The Chicago Mercantile Exchange ( CME) bitcoin futures price also continued to decline. The most active trading in April was $6,810 down $480, while May $6,800 down $550, and June, down $555, to $6,810.

The US New York stock market ended mixed. The Dow index fell 1.39%, the S&P 500 dropped 1.01%, and the Nasdaq surged 0.48%.

BTC/USD 24-hour analysis

For more than 30 days now, Bitcoin has not surpassed the $7500 level, and its transaction volume has declined to around $34 billion.  

At press time (04:09 Tuesday, 14 April 2020 (GMT-4) Time in NY, USA), BTC/USD price is standing at about $6,810 (1.39 percent) with a market cap of over $124.79 bln and volume of $34.47 bln. BTC is still dominating the entire cryptocurrency market by 64.2 percent. The entire cryptocurrency MC is standing at more than $194.6 bln.

Some experts think that BTC will undergo a historical turning point through the Coronavirus event. For instance, Grygoriy Sytenko, the CEO of  OWNR cryptocurrency wallet aimed at becoming a gamechanger in the industry and creating a multi-asset crypto-ecosystem, believes that “the current drop doesn’t disprove Bitcoin as a ‘safe haven’.” He told coinidol.com, a world blockchain news outlet:

“Due to the general recession the demand for cryptocurrencies is lower at the moment, which impacts the BTC rate. But economy is a cyclic thing, and when the next circle of economic growth starts, the price of BTC and other cryptocurrencies will further go up. In the meantime, it is good to invest some funds into BTC or even a bunch of crypto currencies – this may be a good investment. The key point is not to invest your last funds, but to invest when you have free funds to spend.”

Other experts, such as the Winklevoss brothers, the founders of Gemini cryptocurrency exchange, are also optimistic about the future of the cryptocurrency market. The brothers advise investors to retain BTC for the time being as its price will grow in the long-term perspective.