Bitcoin price continues to trade in a range even as uncertainty over Coronavirus impacts major stock markets.
At the time of writing, Bitcoin (BTC) has shed about 1.8% of its value against the U.S. dollar in the past 24 hours. BTC price has however held above $9,400. On Monday, BTC price dropped over 2.9% to see its price reach a low of $9,499 before closing at $9,647. Bitcoin touched $10,450 on February 12, its highest price in 2020.
Despite the pullback, Bitcoin remains range-bound. Any downturn or upside will likely be within the $9,400 to $9,990 price range. Yesterday, BTC briefly touched a high of $9,978, but the top cryptocurrency could not break above $10k.
Bitcoin price mirrored sell-off in major stock markets
Bitcoin’s price movement on Monday mirrored the sell-off in the global stock markets. As BTC dropped nearly 3%, the Dow Jones Industrial Average declined sharply and shed 3.56% or over 1,000 points to 27,960.80. It was the Dow’s worst performance since February 2018. The S&P 500 also dropped 3.4% and the Nasdaq Composite was 3.7% in the red as European markets posted similar corrections.
While Bitcoin dropped close to 3% on Monday, gold prices rose 2.1% to hit $1,676.60, the highest level the precious metal has touched in seven years. Bitcoin (BTC) has touched a low of $9,512 in the past 24 hours and is just above $9,568.
Panic and uncertainty around the Coronavirus (COVID-19) disease is to blame for the heavy losses major U.S. and European shares suffered on Monday. It followed reports of growing cases of infection and deaths outside of China.
Japan, Italy, South Korea, and Iran have all reported increased numbers of cases and deaths from the infection. Meanwhile, several airlines, including from the U.S., UAE, Hong Kong, and India, have suspended or canceled flights around the world
In the market, investors are hopeful of recovery from Monday’s heavy losses. Crypto investors might be keen on what happens next as that will probably have an impact on Bitcoin prices. Tuesday has seen major stock markets across the globe stem further losses, but European markets are 0.7% lower, while U.S. futures are flat.
Asian stocks, however, remain extremely weak. Japan’s Nikkei has dropped 3% this Tuesday. Elsewhere, oil futures are also trading lower with demand falling by more than 20%.