With the news of the 90% success rate in the trial of the coronavirus vaccine created by Pfizer, bitcoin was met with a fall of value worth $1000. After having a rally going over the value of $200, bitcoin’s sell-off value suffered a drop from $15,842 to $14,845 on Monday. Although since then, bitcoin has been able to recover and rise to a value of $15,389.
Predicting Bitcoin Behavior In The Market
According to the US Managing director of eToro, Guy Hirsch, bitcoin’s fall in value below the level of $15,000 was seen as a continuation of the fall in value it suffered over the weekend. Cindy Leow who is the Portfolio Manager at 256 Capital Partners, however, has assured that investors are still in control over the market. After monitoring bitcoin’s VWAP she has predicted that the price of bitcoin will only move up from the value of $14,700 after entering the whipsaw market. Leow confirmed that she was fascinated by the rise of bitcoin in the past week where a $13,900 valuation moved up to $15,900. She suspects that the recent fall in bitcoin’s value is because of the trade volumes moving towards the traders of USDT rather than bitcoin and they have now assumed the position of bitcoin although she thinks this is temporary.
Monday also happens to be the first day of trade since Joe Biden won the elections to become the president of the US. As a result, the market seemed very busy with OkCoin Liquidity Manager, Daniel Kohler explaining the new high S&P 500 has reached since the news about the coronavirus vaccine was announced by Pfizer. Bitcoin, which saw its value reaching a price not witnessed since 2017, has found itself in a position where traders are intrigued to know how its value would fluctuate in the coming weeks. Its value has already looked to revert after a drop of correlation last week. Bitcoin’s price movement has been described as “choppy” by the Head of Research, Denis Vinokourov, of Bequant after analyzing its equity correlation.
Interest In Ether Options At A Record High
Not only bitcoin, but ether too found itself going down in the market with its trade value hovering at $447 on Monday.
Ether had seen its price reaching the highest of $570 million on Sunday. Such a high has not been seen since 1st September when its value was worth $544 million. Genesis Volatility CEO, Greg Magadini has explained that, since Ethereum has upgraded itself to 2.0 it has made the investors very interested in putting their money on the results that are to follow.
Magadini further emphasized that with a move closing in on Phase 0, an upsurge in enthusiasm prompted the volume trade of ETH options to rise in the previous week.