Bitcoin (BTC) starts a new week with red numbers. The leading cryptocurrency opened the day with a 2% drop, which has its price close to USD 30,000. The main markets are also going through a difficult day, with the concerns of the covid-19 again at the center. At the close of this note, the price of BTC is $ 30,775.
While the main world powers re-direct their economies hand in hand with the different vaccines, the Delta variant and its high contagion are becoming increasingly worrisome. Markets have reacted to growing concerns about the Indian strain; Europeans opened the week with a 2.4% drop and Americans with a 1% decline.
Oil also fell, as did alternative assets. Bitcoin, which is part of the latter, also reacted unfavorably. However, specialists prefer not to talk about “correlation” with traditional markets yet, since the current difficulties of the cryptocurrency can come from another lane.
In the last hours, the ecosystem speaks of a new miner’s difficulty setting. The ban on activity in China – and the consequent global restructuring of activity – has not yet been left behind, and the downside effects will continue to be seen for a few weeks.
Pankaj Balani, CEO of Delta Exchange, warned that there is considerable risk of BTC falling below $ 30K. “Bitcoin has been in a consolidation phase and is trying to settle in the $ 30,000 to $ 40,000 range. Having said that, BTC has found it difficult to move higher and the upper end of this range has gradually converged,”he noted in dialogue with Bitcoin.com.
“The risk of a drop below 30,000 in Bitcoin is much higher now than in the months of May and June.”
The altcoin market also started the week with some difficulties. Ether (ETH), the leading altcoin, is down nearly 4% in the past 24 hours and is trading at $ 1,860. The second largest cryptocurrency on the market this week will seek to return above USD 2K, the level at which it remained during the past week.
Binance coin (BNB) had the deepest drop of the day, at 6%, and its price is USD 284. Cardano (ADA), XRP and Dogecoin (DOGE) are down 4% and trade at USD 1.12, USD 0.55 respectively. And USD 0.17. Bitcoin cash (BCH) and litecoin (LTC) performed the same, falling to $ 416 and $ 113.