Bitcoin Price Drops Below $7000
By Tyler Smith – Crypto Investor
In the midst of the ongoing trade dispute between the US and China, sentiment seemed favourable to sell Bitcoin and the price fell under the $7000 price range. This comes after traditional markers breathed a sigh of relief on Saturday.
On Nov. 24, Bitcoin, the world's largest cryptocurrency dipped below the $7000 price range. This plummet in the crypto space correlates with when traditional markets cooled off by another plunge on Nov. 22. The turbulence could have been created due to the situation surrounding US national security advisor, Robert O'Brien's rhetorical which warned that US President Donald Trump would never turn a blind eye to Hong Kong's current crisis. Though many residents of Hong Kong buy Bitcoin to avoid rises in inflation.
This would further complicate efforts made by Beijing and Washington to put an end to the tiresome trade war which currently underpins global economic growth forecasts. These trade wars drive many to look for alternatives which encourages more to buy and sell Bitcoin.
The S&P 500, Dow Jones Industrial Average and the Nasdaq Composite have seen unsatisfactory growth suggesting that even after the plunge, users are not selling crypto to move capital to traditional markets.
By using data from CoinMarketCap, we can see that other cryptocurrencies such as XRP and Ethereum have also experienced negative price movements, down 4.29% and 7.38% respectively, suggesting a sentiment to sell Ethereum and XRP
The overall crypto market capitalisation also fell to $11.1 billion, which is down from a 24-hour high of $201 billion to $190 billion on this day.
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