The price of Bitcoin is currently hovering around $14,000 Canadian as we start the month of October. The world’s most valuable cryptocurrency
during the month of September, marking the most significant one-month dip since the coronavirus pandemic wreaked havoc across the crypto world and the broader investing market back in March.
Crypto and the Coronavirus
The average price dip across all cryptocurrencies in the month of March was about 25%. Global equity markets also fell dramatically triggering a race by investors to get out of their positions and get their hands on more cash. This sent the value of the American dollar on a strong move up, which was of course temporary. Between March and August, Bitcoin rallied from under $4,000 USD to $12,400 USD. Nearly $17,000 Canadian. Yet here we are today sitting at a price of around $14,000.
Is Bitcoin Close to Bottoming out?
U.S. President Donald Trump is
with the coronavirus and the voting polls open on November 3
rd
. No matter the market, investors definitely don’t like uncertainty. Whenever something bad happens, the average investor pulls back. At a time like this with more and more money being printed out by federal governments, the American dollar being continually devalued, and the President being sick, it’ll be really interesting to see how markets react. So far at the time of this writing the altcoin market is down with Bitcoin struggling to stay even for the day.
It appears at least at the present moment that the price is actually consolidating as bulls and bears struggle to get the better of each other. The market's immediate concerns will only impact the Bitcoin price in the short term.
Both fundamental and technical analysis are currently pointing to a long-term bull run for digital gold. For now, investors will just have to wait a little bit to see what happens next.
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Thanks for reading. For more blogs on all things in Bitcoin, you can read more here. If you’re looking to buy Bitcoin in Canada, find out how here.
Written by: Jack Choros
Writer, content marketing at Netcoins.
The information provided in the blog posts on this platform is for educational purposes only. It is not intended to be financial advice or a recommendation to buy, sell, or hold any cryptocurrency. Always do your own research and consult with a professional financial advisor before making any investment decisions. Cryptocurrency investments carry a high degree of risk, including the risk of total loss. The blog posts on this platform are not investment advice and do not guarantee any returns. Any action you take based on the information on our platform is strictly at your own risk. The content of our blog posts reflects the authors’ opinions based on their personal experiences and research. However, the rapidly changing and volatile nature of the cryptocurrency market means that the information and opinions presented may quickly become outdated or irrelevant. Always verify the current state of the market before making any decisions.
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