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How much is Bitcoin trading on Binance?

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These have been days of extreme volatility in the cryptocurrency market. And it is that, as the harshest effects of the Coronavirus are felt on the economy, Bitcoin, the main cryptoactive, has suffered sharp falls and rises in a matter of hours. For this reason, today we want to analyze how much Bitcoin is trading in Binance and what are the prospects for the coming days.

The Coronavirus economic crisis

The last weeks of our lives have been marked by an event: the Coronavirus. And it is that, the disease born in China, has managed to generate a crisis of a type never seen before by humanity. Not only in the health field, with hundreds of daily deaths to regret, but in the economic one.

Well, as social distancing is the only viable strategy to face the health crisis that the world is going through, it generates a major disruption in productive and commercial activity. Since, having to keep the employees of the quarantine companies, they cannot attend their jobs and make the economy continue its normal course.

This has already led the governments of the world to prepare multi-million dollar incentive plans, with the aim of avoiding a total collapse of their economies. Especially in the face of the constant falls faced by the main stock exchanges in recent weeks. Where there were decreases of up to 9.8% daily on the New York stock exchange.

A crisis in the international financial system that could only be contained a few days ago. When a political agreement was reached in the United States, to provide financial aid to the market for up to $ 2 trillion. Managing to calm the markets, and get them to recover part of their value this week.

The New York Stock Exchange has started to see a recovery. Source: Yahoo Finance
The New York Stock Exchange has started to see a recovery. Source: Yahoo Finance

The value of Bitcoin in Binance

All these events have had their influence on the cryptocurrency market. Well, despite the fact that Bitcoin is considered by several financial analysts as an asset value reserve. The truth is that when the markets started to collapse, the BTC did too. Doubting its character as a safe haven.

This is because, the cryptocurrency has been in recent days under two simultaneous forces, which have brought great volatility to its price.

On the one hand, a bullish force represented by the proximity of the next Halving on its Blockchain. Which will decrease the speed in the increase of Bitcoin’s monetary liquidity and, therefore, it is expected to increase its price significantly.

And, on the other hand, the aforementioned economic crisis caused by the Coronavirus, whose impact has been so profound. Since it has managed to affect investor confidence even in assets not normally related to traditional markets, such as cryptocurrencies.

That is why the next few days will be marked by uncertainty, as well as opportunities for the crypto world. Well, as commented by the analyst of the house, Andrés Tejero, the trend for Bitcoin is down at this time. It could go down to resistance at $ 5,800 per BTC.

The price of Bitcoin in Binance during the last week, follows the trend commented in the cryptocurrency market. Source: Binance
Bitcoin price on Binance for the last week. Source: Binance

This being precisely the trend that we can observe in the value of Bitcoin in Binance during the last week. Where we can also visualize the drop in its price today, which although slight (only 0.64%), follows the trend of the cryptocurrency market that we have discussed in this article.



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