Today, on March 9, oil prices dropped by 30% to 31$.
This is behind Saudi Arabia’s decision to lower commodity prices and increase production. This also follows from the unsuccessful negotiations with Russia, when Russia withdrew from the OPEC agreement.
It is the most significant decline since 1991 when we last registered such a price, the price was influenced by the Gulf War.
Bitcoin broke 8,000 $ and Cryptocurrencies Market Cap dropped to 224,016 147,903 $
In yesterday’s article It was a great week for Cryptocurrencies, but the market is crashing
we anticipated that the greatest interest in purchases would be a 8,000$ price limit.
Today, however, it turned out that technical analysis is not the main factor determining price.
Technical analysis will always come second after events that affect the world and fundamentals.
At present we can see red markets everywhere, also stock markets are falling and therefore we can expect BTC and other cryptocurrencies to go even lower.
According to consolidated pricing compiled by Bloomberg, that’s the biggest one-day slump at least since September.
Several experts claim that if the BTC fails to hold 7800 $ (we are currently trading 7773 $) it is possible to fall to 6700 $ and even 5300 $.
If you own a BTC do not be despair, Halving is coming and he can move the price up again.
read more Will be Bitcoin Rocket like in 2016 after third halving in May 2020?
pic.: Coinmarketcap.com