Bitcoin Volatility Calms after 24hrs

News • 2020/11/10 • by

After the news about the COVID-19 vaccine, there was a wild ride of bitcoin.

Bitcoin is now traded at around $15,300. Other leading altcoins have also stabilized. The 24 hours volatility was noticed after Pfizer Pharmaceuticals successfully developed a COVID-19 vaccine that achieved a 90% success rate in trials.

Major signals

Price fluctuations made Bitcoin surge to $16,000.

Bitcoin became wildly volatile after COVID-19 vaccine news.

Other Tech stocks like PayPal and Zoom also lost momentum after the report.

Psychologically, $16,000 is the resistance line, while technically, it lies between $15,400 and $15,750. If another breakdown occurs, the support levels of bitcoin will range between $14,600 and $15,000.

The high volatility also affected other crypto assets but has since retraced. Etheruem was $370 7 days ago, but it currently sits on about $450; Ripple saw a 13% increase and slipped down back to $0.25.

On the top ten list, Litecoin and Bitcoin cash both lost more value (-3%), respectively. The best performer in the alternative coins is Chainlink, after seeing a 2% increase. There were also impressive gains in CVC (67%) and some other mid-caps and lower coins.

Do you think the vaccine news caused market volatility? Share your thoughts in the comment section.

Comments (6)

Guest

godgrace1

6 years ago

I don't think the news of the covid-19 vacine caused the market volatility at all, since it's not totally related to bitcoin in any way.

omogbai

6 years ago

Bitcoin Volatility Expected to Rise After the US Presidential Election A number of other crypto pundits and digital currency market researchers discussed the post-election crypto market on social media channels and forums. After sharing its week 44th insights report, Arcane Research tweeted out a chart that shows a chart with bitcoin and the S&P 500 during the election week. “Some interesting movements from both bitcoin and S&P 500 during election day in 2016. What will happen this time?” Arcane tweeted on November 3. “Breathe easy today knowing silver and gold will be every bit as shiny and bitcoin as secure as ever, no matter the outcome of this election,” the crypto proponent ‘Cryptoredacted

exodusab

6 years ago

One thing is probable: volatility is coming. On the bullish side for Bitcoin, central banks will continue to flood the world with money and stimulus packages, further setting the stage for BTC. On the bearish side, a contested election and a second wave of Covid-19 lockdowns could spell disaster for markets, dragging down BTC with it

visiblemoney

6 years ago

I think it does because many traders of US orizion stopped trades to take medical cautions and stayed transient to observe the side effect or possible complications that might arise at post-vaccination observatory. This led to low liquidity in the west market.