The $ 8,000 Bitcoin price currently fits perfectly with the Stock-to-Flow chart

Bitcoin (BTC) prices fell on Friday amid corona virus continues to spread to the UK and Russia – patients in these two countries tested positive for Wuhan virus. The downtrend of BTC also entailed major cryptocurrencies.

Overview of the daily cryptocurrency market. Source: Coin360
Overview of the daily cryptocurrency market. Source: Coin360

Within a day we witnessed the departure of the United Kingdom from the European Union (Brexit) and confirmed two cases of corona virus infection in the UK, the BTC / GBP pair (GBP) dropped by more than 3, 7% since midnight.

Looking at the 15-minute time frame, Bitcoin was trading near the £ 7,274 at midnight and began to decline gradually throughout the early morning.

15-minute BTC / GBP chart. Source: TradingView
15-minute BTC / GBP chart. Source: TradingView

Since 1:30 pm, the time when most US and UK media reported on coronavirus infection, Bitcoin's price trend of the day was very volatile. Top digital assets hit a daily low of £ 7,086 around 2:30 with a slight recovery to £ 7,086 (around 4 pm). Shortly thereafter, BTC finally fell back, nearly hitting a daily low at 4:50 pm.

5-minute BTC / GBP chart. Source: TradingView
5-minute BTC / GBP chart. Source: TradingView

As Toiyeubitcoin reported earlier, Bitcoin price has dropped after the corona virus was detected in the US and a similar effect seems to be happening to the price of BTC / GBP as health threats gradually spread across the globe. bridge. On the same page, the Dow Jones Industrial Average and the S&P 500 have fallen by more than 1% on the day.

Following the same trend, FTSE 100 – the main stock index of companies in the UK, has fallen by more than 1%. However, the GBP / USD exchange rate rose today, contrary to the trend of the global stock market and displayed an opposite behavior to Bitcoin.

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The total capitalization of the entire cryptocurrency market is currently at $ 255.7 billion with Bitcoin's dominance rate reaching 66.2%. A small number of large cap altcoins also recorded losses. Most notably, Bitcoin SV (BSV) fell more than 8% and Bitcoin Cash (BCH) lost more than 5%. EOS is also down more than 5%. On the upside, NEM increased more than 8% and Ontology (ONT) increased 6%.

Readers can update BTC rates and more than 2,000+ cryptocurrencies in real time here.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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