Bitcoin (BTC) loses $ 23,000 today, December 21, 2020. Covid-19 continues to take its toll on financial markets. Will the covid-19 vaccine really work? Fortunately, Bitcoin has its followers among institutional investors, to support it in the event of the risk of a big fall.
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A virus that is more contagious and more dangerous for the financial markets?
Bitcoin has gone down to the $ 21,870 level on some exchanges today. The BTC then climbed back above $ 23,190. It is trading at $ 22,778 on Bitfinex at the time of writing this article.
According to data from Bybt, over $ 789 million in Bitcoin were liquidated in the past 24 hours, including more than $ 108 million in the hour before the fall of BTC below 22,000 USD.
Bitcoin loses 23,000 USD while stock indices are also in the red; investors shed risky assets, the DOW and even You’re here (TSL) for its first day of inclusion in the S&P 500, are far from being in top form.
Financial markets are impacted by news of the discovery of a new, more contagious strain of virus following a mutation of the coronavirus into England. Many countries have closed their borders to people from United Kingdom.
MicroStrategy cushioning the fall?
Is today’s fall due to the correlation between the price of BTC and traditional financial markets, or is it a normal correction in the price of BTC ?
Bitcoin hit a new ATH above $ 24,000 over the weekend. The markets are now overbought and a decline would allow them to “decompress”, to “cool” them. The essential level to defend for the bulls remains the 20,000 USD.
The incursion of Bitcoin below $ 22,000 contrasts with the tweet from CEO of MicroStrategy, Michael saylor, indicating the purchase of 29,646 BTC additional for $ 650 million. The company HODle currently 70,470 BTC.
This massive purchase probably prevented a further decline in the price of BTC.
The health of financial markets is closely linked to the global health situation today. If the vaccines were ineffective against the new strains of the coronavirus, then should we expect another Black Thursday due to a feeling of disappointment and fear? It will soon be decided whether or not a BTC above $ 20,000 will be sustainable.
Litecoin, welcome in the Silver Age