Bitcoin Extends Decline, Trades at $4,746

BitcoinBitcoin enthusiasts say they are building a system to move money across the Internet securely and at a lower cost than existing wire transfers, bank debits or remittances. Photographer: George Frey
  • Bitcoin Extends Decline, Trades at $4,746

Bitcoin, the most dominant cryptocurrency, extended its decline below $5,549 psychological level to $4,746 a coin during the Asian trading session on Monday.

BTCUSDDaily 2The digital currency retraced from $3,824 low recorded on Friday to close at $5,434 per coin but continues the bearish trend on Monday after Dow Jones Industrial Average declined by 1,000 points despite Federal Reserves’s 50 percent interest rates reduction to support new job creation and price stability.

Several investors liquidated their positions amid fear of further decline below $3824 low.

“Crypto-asset markets again seem to be mirroring the actions of the traditional markets,” said Simon Peters, analyst and bitcoin expert at brokerage eToro.

“However, fear is arguably a more dominant emotion than greed at the moment, because even with this stimulus, investors are still very worried about global economies grinding to a halt due to COVID-19.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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