US President Donald Trump said he’d go into immediate quarantine
Bitcoin, which had sprung to $10,669 after plummeting over 4% to $10,382 on Thursday, retraced as momentum was cut short around $10,500.
It is the same picture across the rest of cryptocurrency, as prices slip on increased selling pressure. A similar scenario is seen in the stock market after US President Donald Trump confirmed via Twitter that he and First Lady Melania Trump have tested positive for COVID-19.
US stock futures as well as the Treasury yields fell as the largely knee-jerk reaction from traders kicked in.
In Europe, shares opened lower while the global equity index MSCI saw a slight 0.2% dip. ICE Brent Crude is down 3.2%, but Gold has recovered from lows of $1889 to trade around $1,907.
Crypto markets in red
Across the altcoin market, crypto assets are mirroring Bitcoin’s blandness, with Ethereum dropping more than 6% to trade around $343.
XRP has shed 4% of its value in the past 24 hours and is changing hands at around $0.232, while Bitcoin Cash, Binance Coin, Polkadot, ChainLink, Crypto.com Coin, and Litecoin are all down between 3%-10.6% to see all top 10 cryptocurrencies slumped in red.
ChainLink (LINK) with -10.64% and Polkadot (DOT) with -9.11% as of writing are the biggest losers among the top 10. Cardano (ADA) with -9.59% and Bitcoin SV (BSV) with -9.68% have also faced increased selling pressure and could decline double digits if the sell-off continues.
BitMEX connection
On Thursday, October 1, US regulators filed charges against crypto exchange BitMEX and its founders, a development that had an immediate impact on price. Trades also reacted
