Bitcoin Plummets to $6,700, Stock Market Plunges Showing Weakness of the Global Economy

On April 13, Bitcoin was trading below the $7000 price level on all global cryptocurrency exchanges including Binance. On the same day, stocks such as KOSPI also fell, showing weakness.

Bitcoin was traded at $7,104 at 6:00 PM New York time, and then fell to $6,706 two hours later. At the same time, even at the domestic exchange Upbit, Bitcoin dropped from $7,068.88 to $6822.29 two hours later (at 8:00 PM).

In this regard, NewsBTC, a media specialized in cryptocurrency, explained that the bitcoin futures exchange was cleared for a long time at a contract worth $30 million on BitMEX, and similar things happened on other platforms.

BTC/USD 24-hour Price Breakdown

At press time (04:43 April 13 (GMT-4) NY, USA), BTC/USD is changing hands at around $6,717 (-1.93%) with a market cap (MC) of about $123.07 Bln and volume of $39.89 Bln. The original cryptocurrency is still dominating the market with over 64.2 percent. The entire MC is sitting at more than $191.864 billion, according to the figures from coinmarketcap. 

Stock Market Decline

Meanwhile, according to the report by Investor’s Business Daily, KOSPI dropped by 1.68% to 1,829.52 points. KOSDAQ was 699.65 points, down 11.61 points. The won-dollar exchange rate was 1218.6 won per dollar, up 6.1 won. The international gold price also rose by 70.8 won to 1,736.2 won per ounce.

The weakness was due to the decline in the US futures index. On this day, the S&P 500 futures index recorded 274, down 1.43%, the Nasdaq futures index fell 1.46%, 8107.75 points down, and the Dow futures index recorded 328 points, down 1.39%.

Western Texas Oil recorded $22.76 per liter, down $2.33. International oil prices were influenced by OPEC + (an alliance of OPEC and 10 major oil producing countries) that would cut 9.7 million barrels of oil per day from May to June. The agreement is aimed at calming the energy market, which has been shaken by the US oil price war and coronavirus pandemic initiated by President Donald Trump of the U.S.

As we may see, all markets worldwide are in a great turmoil, so there might be further fluctuations not only in BTC price. As of now, it is not really clear, where it would go next, however the general sentiment seems to be more negative than positive.