Ethereum, Altcoins Drop Against Bitcoin Amid Risk Asset Seloff, Strong USD

Bitcoin’s price is falling below the USD 32,000 pivot mark, indicating a negative trend. BTC has even broken through the primary USD 30,000 support zone. The price is currently heading lower (04:23 UTC), and it may potentially challenge the USD 28,000 support in the short term.

BTC, on the other hand, is the best performing major cryptoasset today, while practically all of the top 100 cryptoassets have plunged even further.

ETH is down 8% and has broken through the USD 1,750 support level. XRP fell 10% and even tested the USD 0.520 support level.

Meanwhile, stocks, bond yields, and even commodities are all falling.

“There have been increasing concerns about COVID-19 and how it might hamper the current maximum capacity recovery that we’re seeing, concerns that have been infiltrating the bond market these last few weeks and have now spilled over into stocks,” Mati Greenspan, Founder and CEO of Quantum Economics, wrote in his newsletter, adding that “another headwind for risk assets at the moment is a stronger US dollar.”

According to Greenspan, for BTC, a stronger dollar outlook, especially against a falling crypto market, means that more people will likely prefer to hold the buck, at least for the time being.

 

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