Skip to content
Real Cryptocurrency Hub

Real Cryptocurrency Hub

Crypto Comeback Pro is an auto trading platform that allows you to invest in the crypto market and start making money right away. Sign Up HERE

  • Home
  • Start Trading
  • English
    • English
    • Español
    • Italiano
    • Polski
    • Svenska
    • Deutsch
    • العربية
  • News
    • Mining
    • Bitcoin (BTC)
    • ATM
  • Guides
  • How To’s
  • Exchange/Wallet
  • Brokers
  • Bitcoin Price Prediction
  • ✉ Contact
  • Home
  • Crypto News
  • Cryptocurrencies Face Price Correction Linked To COVID-19 Spike
  • Crypto News
  • Crypto Token

Cryptocurrencies Face Price Correction Linked To COVID-19 Spike

Lucas Duffy December 22, 2020 2 min read

The economic instability the dreaded Covid-19 brought is far from over. After months of analysts suggesting that a second wave of the virus hitting the public was possible, Britain investors face a severe last minute sell-off. Investors believe that the virus could cause an unexpected price correction, which would lead to a decrease in asset value.

Outside the digital asset industry, regular industries are constantly dropping stock values due to the economic downturn most nations face because of the diseases. Bitcoin’s price experienced a fall from its previous $23,500 – $24,000, possibly due to assets sales, to mitigate losses from an expected price correction in the digital asset.

How sell-off affected crypto prices

Naturally, cryptocurrencies are volatile, but when faced with unwanted problems like the virus’ effect on the economy and rapid asset decision, it further increases instability. The Bitcoin price had dropped to inched below $22,000 at some point, but struggling to return to its former position.

Since a premium coin like Bitcoin could face an inevitable correction, other currencies are also feeling the sell-offs. Bitcoin Cash, Ethereum, LINK, and Litecoin are some of the altcoins that faced corrections alongside Bitcoin. After ETH exceeded the $600 range slightly, it soon returned to its previous position in a similar path.

XRP’s legal issues contributed to its fall in price some time ago, but now it has stabilized within the $0.5 range. Bitcoin has its fair share of fluctuating prices after the fall of its all-new high. Its fall led to a further decline in value, from inches from $22,500 to then dropped below $22,000 slightly.

After its last decline, it now recovered unexpectedly. The increase was rapid as the price presently stands at $22,500 and above. With new, a new price line is a new resistance point, with a present resistance point of 23,500 to return to $24,000.

How price correction made Ethereum unstable

After the crypto hit the $620, it dropped slightly, but still within the $600 range. The hit made the price drop even further below the $600 zone, but it soon recovered after. A great possibility that the price is too close to $600 might cause a further decline to the $580 price tag.

Bitcoin Cash saw some unexpected price changes falling by 10% and fell from its $350 -$330 tags to inches above the $300 price point. Analysis suggests that if more support levels are lost, prices could drop to $250-$290.

Litecoin might face some losses if it drops below the $100 support level. It could decline further to $95-$97 price ranges. XRP has bearish momentum drawing below its 0.5 support level, making the price drop to the $0.47 range. The closest support to that tag is $0.45, which could push the price back to its earlier $0.5.

Even other coins face a price crisis. Coins like UNI, OMG, and CRO share in the fate of larger coins. Bitcoin is also facing some negative corrections, which could either let it stabilize around the $23,700 range or fall to a little above $20,000.

Post Views: 621

Continue Reading

Previous: Guggenheim Investments’ Fundamental Analysis Reveals Bitcoin To Be Worth Around $400K
Next: Ethereum Co-founder Blasts Ripple For “Chinese-controlled” Statements On ETH

Related Stories

Class-Action Lawsuit Accuses Robinhood Of Market Manipulation
2 min read
  • Crypto News
  • Cryptocurrency/Cryptocoin

Class-Action Lawsuit Accuses Robinhood Of Market Manipulation

August 15, 2022
With 61% Gains, ETH has Successfully Overtaken Bitcoin Sberbank
2 min read
  • Crypto News
  • Ethereum (ETH)
  • Price Analysis

With 61% Gains, ETH has Successfully Overtaken Bitcoin

August 8, 2022
Ripple Survey Claims That In Three Years Cryptocurrencies Will Be Adopted By Three-Quarters Of Institutions
2 min read
  • Crypto News
  • DeFi (Decentralized Finance)
  • Ripple (XRP)

Ripple Survey Claims That In Three Years Cryptocurrencies Will Be Adopted By Three-Quarters Of Institutions

August 7, 2022

Read our disclaimer

Name Price24H (%)
bitcoin
Bitcoin (BTC)
$23,824.00
-0.98%
ethereum
Ethereum (ETH)
$1,870.58
-1.37%
tether
Tether (USDT)
$1.00
-0.24%
usd-coin
USD Coin (USDC)
$1.00
-0.13%
binancecoin
BNB (BNB)
$313.39
-1.71%
cardano
Cardano (ADA)
$0.56
0.01%
ripple
XRP (XRP)
$0.373625
0.18%
dogecoin
Dogecoin (DOGE)
$0.084836
8.83%
polkadot
Polkadot (DOT)
$8.88
0.71%
Uniswap
Uniswap (UNI)
$8.29
-2.25%

Recent Posts

  • Class-Action Lawsuit Accuses Robinhood Of Market Manipulation

    Class-Action Lawsuit Accuses Robinhood Of Market Manipulation

    A class-action lawsuit was recently filed against Robinhood, which supports stock and crypto trading, and the platform has
  • JP Crypto Review – a Recommended Crypto Broker

    JP Crypto Review – a Recommended Crypto Broker

    JP Crypto Review Suppose you are interested in trading cryptocurrencies but are hesitant to do so due to
  • Alfabtc Review – A Recommended Cryptocurrency Broker

    Alfabtc Review – A Recommended Cryptocurrency Broker

     Alfabtc Review Alfabtc is a competent brokerage firm known for its fast and efficient execution of trade. The
  • With 61% Gains, ETH has Successfully Overtaken Bitcoin

    With 61% Gains, ETH has Successfully Overtaken Bitcoin

    The native token of Ethereum “Ether – ETH” has managed to outperform Bitcoin (BTC) prior to the implementation
  • Ripple Survey Claims That In Three Years Cryptocurrencies Will Be Adopted By Three-Quarters Of Institutions

    Ripple Survey Claims That In Three Years Cryptocurrencies Will Be Adopted By Three-Quarters Of Institutions

    A recent survey has shown that 76% of financial institutions will adopt cryptocurrencies. The survey result has shown

Start Trading

Categories

Top Posts

  • IGC Markets Review – A Recommended Crypto Broker

    IGC Markets Review – A Recommended Crypto Broker

    IGC Markets Review Do you want to trade cryptocurrencies? Maybe you also wish to trade fiat currency pairs?
  • Elrond’s Tokens Are Now Handled by Copper.co

    Elrond’s Tokens Are Now Handled by Copper.co

    Copper.co now includes Elrond Network’s technology, according to an announcement from the company. Copper.co’s digital asset infrastructure and
  • Online Petition Moved in South Korean Seeking Removal of FSC’s Chairman

    Online Petition Moved in South Korean Seeking Removal of FSC’s Chairman

    There is definite trauma going on towards the South Korean crypto industry by the Government. Not pleased with
  • Should Investors Be Worried As Bitcoin Outpaces Gold In Performance?

    Should Investors Be Worried As Bitcoin Outpaces Gold In Performance?

    News coming out from the crypto space this month, particularly this week, has revealed that Bitcoin, alongside other
  • Tesla Could Start Accepting Crypto Payments Very Soon

    Tesla Could Start Accepting Crypto Payments Very Soon

    Elon Musk has been a massive supporter of crypto and his love for the crypto coin known as

Archives

You may have missed

Class-Action Lawsuit Accuses Robinhood Of Market Manipulation
2 min read
  • Crypto News
  • Cryptocurrency/Cryptocoin

Class-Action Lawsuit Accuses Robinhood Of Market Manipulation

August 15, 2022
JP Crypto Review – a Recommended Crypto Broker
3 min read
  • Brokers
  • Reviews

JP Crypto Review – a Recommended Crypto Broker

August 12, 2022
Alfabtc Review – A Recommended Cryptocurrency Broker
3 min read
  • Brokers
  • Reviews

Alfabtc Review – A Recommended Cryptocurrency Broker

August 10, 2022
With 61% Gains, ETH has Successfully Overtaken Bitcoin Sberbank
2 min read
  • Crypto News
  • Ethereum (ETH)
  • Price Analysis

With 61% Gains, ETH has Successfully Overtaken Bitcoin

August 8, 2022
  • Kraken
  • OrbitGTM
  • Fxoro
  • KuCoin
  • Huobi
  • Bitfinex
  • PrimeXBT
  • CTmatador
  • DXCBIT
  • PrimeHolders
  • CMC Markets
  • XCGIN
  • Virtual Payout
  • Gamma Capitals
  • Towards Soure
  • CoinsMarkets
  • ArgoTrade
  • Global Solution
  • CTProz
  • Alfabtc
  • JP Crypto
Copyright © All rights reserved. | DarkNews by AF themes.
  • bitcoinBitcoin(BTC)$23,824.00-0.98%
  • ethereumEthereum(ETH)$1,870.58-1.37%
  • tetherTether(USDT)$1.00-0.24%
  • usd-coinUSD Coin(USDC)$1.00-0.13%
  • binancecoinBNB(BNB)$313.39-1.71%
  • cardanoCardano(ADA)$0.560.01%
  • rippleXRP(XRP)$0.3736250.18%
  • SolanaSolana(SOL)$43.12-1.55%
  • dogecoinDogecoin(DOGE)$0.0848368.83%
  • polkadotPolkadot(DOT)$8.880.71%
  • UniswapUniswap(UNI)$8.29-2.25%
  • bitcoin-cashBitcoin Cash(BCH)$136.13-0.61%