Cryptocurrency Market Update: Bitcoin dumps in tandem with S&P 500
|- Bitcoin pumps to $7,500 and later dumps to $6,575 amid the Coronavirus restricted Easter celebrations.
- Bitcoin futures on CME fall in tandem with Dow and S&P 500.
Bitcoin price pumped to levels above $7,500 last week, however, the rally was short-lived as quickly as it occurred. The largest cryptocurrency has dumped again under $7,000. The entire Asian session was marred with losses that have spread into the European session. The retreat slipped past other support levels including $6,800 and $6,600. A low has been reached at $6,575, allowing a rebound above $6,700. At the time of writing, Bitcoin is dancing at $6,730 after losing 2.55% of its value on the day.
BTC/USD 4-hour chart
President Trump’s deal could end oil war between Russia and Saudi Arabia"
As Bitcoin struggles to recover to last week’s highs, the oil war between Russia and Saudi Arabia carries on. However, a tweet by US President Donald Trump suggests that a deal he made could bring the dispute to an end. However, the futures for S&P 500 and the Dow are trading 1.51% and 1.50% lower on the day unbothered by the announcement that OPEC and its allies will reduce oil production by 9.7 million barrels a day. Similarly, the CME Bitcoin futures fell in tandem with both the S&P 500 and Dow futures.
Binance invests quarter profits made yearly
According to Binance CEO, Zhao Changpeng (CZ), the company puts a quarter of the profits incurred per year into investment. CZ was speaking in an interview with South China Morning Post. He added that Binance is now seeking opportunities beyond trading.
Read more: Bitcoin price pre-halving rally a pipe dream?
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