Cryptocurrencies take a Deep Dive after Trump Announcement

The crypto market took a sharp nosedive with all cryptocurrencies showing red in the charts.

At the time of publishing all coins have shown a significant drop and it’s all due to economic uncertainty and high recession risk just around the corner.

Markets dropped right after the U.S. President Donald Trump announced that travel bans between the U.S. and most of Europe will be effective on Friday midnight because of the novel coronavirus, COVID-19.

Alex Krüger, a reputable economist, expressed that all traders should keep their eye on Bitcoin’s price and remove the idea that BTC will emerge as a safe haven asset.

Time to pay attention. Bitcoin is trading like a risk-on asset. Not a safe haven, but the exact opposite. Following stocks down – although ironically stocks are the ones trading like low-quality shitcoins.

The price of all coins including the top 3, have been affected by the “Trump Effect”.

Bitcoin is currently sitting on $5.922

Ethereum currently at $131

XRP is barely 0.158

The total market cap is $164 billion.

 

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Shelley Humphreys

Shelley Humphreys

Shelley started her education in Legal Studies followed by employment in a UK energy Firm. In recent years attention has been turned to content writing specifically on the subjects of investment and real estate. Alongside this she has also worked with UK based Travel Agency, this diverse background makes her well equipped to write on a range of subjects. Contact Shelley at +357-22029786 ext: 6126 or by email at shelley@highworthcitizen.com for editorial related questions.



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