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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Christopher Zenios

Christopher Zenios

Christopher has always been a pioneer, a first adopter when it comes to technological advancements. Over the years, his expertise surrounded the real estate and digital markets and their evolution in today's society. After being the editor to various professional business news portals and blogs, he was selected to become the chief editor for HWC. Contact Christopher at +357-22029786 ext: 6110 or by email at czenios@highworthcitizen.com for editorial related questions.



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