Is Bitcoin declining due to President Trump infection with the coronavirus?

It seems that the coronavirus has found a way for the American President "Donald Trump," after his wife was infected and the test revealed a positive result and was infected with the coronavirus, the same result was for the American President.

Trump tweeted about the news:

Tonight, @FLOTUS and I tested positive for COVID-19. We will begin our quarantine and recovery process immediately. We will get through this TOGETHER!
— Donald J. Trump (@realDonaldTrump) October 2, 2020

After the news of Donald Trump's infection with the coronavirus spread, there was a wide reaction and response to global stock markets and its journey began to go downhill, and it seems that the cryptocurrency market has also followed it at the time of writing this article.

Bitcoin drops to a weekly low

Bitcoin slid 4.26%, falling after the news spread from $ 10,660 to $ 10,440.

Source: tradingview.com

It can be said that the negative news related to the infection of the US President with the coronavirus comes after the negative news also related to the BitMEX platform, which has been subjected to accusations of breaking the law and contributing to money laundering.

Bitcoin has seen a slight recovery and is rising to $ 10,440 at the time of writing, bringing the currency back into weekly support.

Looking at a long-term view, Bitcoin is still within the range of the specified channel, and the reaction from the sellers was just a cursory move.

Farmer Bluntz, a cryptocurrency trader, pointed out that Bitcoin is no longer linked to gold but has become more closely related to stocks.

$gold pumping, $btc dumping on this news.

i think, once and for all we can all agree that #btc is not correlated to gold and is correlated to equities, no chopping and changing whenever it suits our bias, this is how it is now. pic.twitter.com/AlMlW3MW15
— 👨‍🌾Farmer Bluntz👨‍🌾 (@SmartContracter) October 2, 2020

Gold prices rose after the recent news, which brought the yellow precious metal back to over $ 1900 an ounce.

Naturally, cryptocurrency critics like "Nouriel Roubini" were pleased with the fact that the market was collapsing.

But the truth is that Bitcoin has been on a bullish trend for six months, and Bitcoin has gained 45% since the start of this year.

If the slide continues, bitcoin might find support at $ 10,200, but below that we head to the next level which is in the lower range of $ 9,000.

Altcoins affected

Of course, altcoins have followed Bitcoin and have fallen as well, as the overall market capitalization has shrunk by 8% since the news appeared a few hours ago.

Ethereum has fallen by 8%, to be valued at $ 337, but it is also still within its sideways channel that has formed during the past two weeks.

It can be said that the cryptocurrencies most affected are the currencies of decentralized finance, where YFI, SNX, UMA, BAND, KNC, SOL, SUSHI and COMP all declined in varying proportions.

There may be more pain, but as we've seen countless times before, this is just another normal day for the cryptocurrency market regardless of who has infected with the coronavirus.

Is Bitcoin declining due to President Trump infection with the coronavirus?

It seems that the coronavirus has found a way for the American President "Donald Trump," after his wife was infected and the test revealed a positive result and was infected with the coronavirus, the same result was for the American President.

Trump tweeted about the news:

After the news of Donald Trump's infection with the coronavirus spread, there was a wide reaction and response to global stock markets and its journey began to go downhill, and it seems that the cryptocurrency market has also followed it at the time of writing this article.

Bitcoin drops to a weekly low

Bitcoin slid 4.26%, falling after the news spread from $ 10,660 to $ 10,440.

It can be said that the negative news related to the infection of the US President with the coronavirus comes after the negative news also related to the BitMEX platform, which has been subjected to accusations of breaking the law and contributing to money laundering.

Bitcoin has seen a slight recovery and is rising to $ 10,440 at the time of writing, bringing the currency back into weekly support.

Looking at a long-term view, Bitcoin is still within the range of the specified channel, and the reaction from the sellers was just a cursory move.

Farmer Bluntz, a cryptocurrency trader, pointed out that Bitcoin is no longer linked to gold but has become more closely related to stocks.

Gold prices rose after the recent news, which brought the yellow precious metal back to over $ 1900 an ounce.

Naturally, cryptocurrency critics like "Nouriel Roubini" were pleased with the fact that the market was collapsing.

But the truth is that Bitcoin has been on a bullish trend for six months, and Bitcoin has gained 45% since the start of this year.

If the slide continues, bitcoin might find support at $ 10,200, but below that we head to the next level which is in the lower range of $ 9,000.

Altcoins affected

Of course, altcoins have followed Bitcoin and have fallen as well, as the overall market capitalization has shrunk by 8% since the news appeared a few hours ago.

Ethereum has fallen by 8%, to be valued at $ 337, but it is also still within its sideways channel that has formed during the past two weeks.

It can be said that the cryptocurrencies most affected are the currencies of decentralized finance, where YFI, SNX, UMA, BAND, KNC, SOL, SUSHI and COMP all declined in varying proportions.

There may be more pain, but as we've seen countless times before, this is just another normal day for the cryptocurrency market regardless of who has infected with the coronavirus.

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