Bitcoin Dips on Second Wave Fears

June 14, 2020, by Maayan
Bitcoin dropped slightly on the week as fears of a Coronavirus second outbreak hit stocks.

BTC Loses 300 Points but Stocks See Sharp Selling

Bitcoin headed into the weekend with lower prices as fears over a second wave of Coronavirus hit markets. A build in cases in Texas and Arizona was enough to drive a 7% sell-off in U.S. stocks. Markets have been complacent in recent weeks as economies moved to open up from lockdowns.

BTC was caught cold by the mid-March panic selling but it’s likely that the leading crypto coin would fare better in another round of stock selling.

Despite the recent pause in Bitcoin, the coin is still up 30% in 2020 and the lack of sellers appearing at the $10,000 level gives hope that another rally can begin soon. BTC closed Friday at $9,500 and will likely trade in a tight range until financial markets open on Monday.

Litecoin Update Brings it Closer to Bitcoin

Litecoin released a new development update v0.18.0 on June 11th, which cooled some fears that the project was not under development.

The latest upgrade of LTC saw 100 new changes and technical improvements which brings the LTC blockchain closer to Bitcoin. Founder Charlie Lee celebrated the release and noted that developers were already hard at work on the next upgrade. LTC went into the weekend trading at a price of $45.00 after a move through $47.00 early in the week.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.