Bitcoin Still Around $10,500: The Calm Before The Storm Following Trump’s Hospitalization?

Following the recent price decreases after the BitMEX and Donald Trump COVID19 news, Bitcoin has calmed and trades above $10,500. The situation with the altcoins is somewhat different as most continue struggling.

Bitcoin Stays Calm After The Drops

As reported yesterday, Bitcoin tumbled from $10,900 to about $10,450 in a matter of hours. The drop came after news broke that the US CFTC charged the owners of the large cryptocurrency derivatives exchange BitMEX for illegally operating the platform and anti-money laundering violations.

Soon after, most markets, including Bitcoin, took another hit. US President Donald Trump said on Twitter that he and his wife Melania Trump tested positive for COVID-19. Although the price dip this time was not that vigorous, BTC still bottomed beneath $10,400.

Donald Trump. Image by Bloomberg

In the following hours, however, the primary cryptocurrency started its gradual recovery. Bitcoin price accelerated towards $10,500 and even broke above it. As of now, BTC trades at just shy $10,550.

However, it’s worth noting that President Trump was hospitalized at the Walter Reed National Military Medical Center and has begun receiving an anti-viral drug. The hospitalization took place just minutes after Wall Street futures finished trading for the weekend.

We should expect the futures’ reaction to Trump’s condition on Sunday’s afternoon US-timezone, and Bitcoin is likely to trade accordingly, as we have learned from the past months.

White House physician has reassured the public that the President is doing “very well.” Nevertheless, such news of uncertainty with the POTUS could easily impact BTC’s price.

BTCUSD. Source: TradingView

With this latest price performance, Bitcoin correlated with the US stock market indexes as they all closed Friday’s trading session in the red. The Dow Jones Industrial Average went down by 0.5%, the S&P 500 by 1%, while Nasdaq had it worst with a 2.2% drop.

Altcoins Struggle

The altcoin market also felt the adverse effects of the news mentioned above with some notable price dips. In the past 24 hours, some of them have managed to seize the drops, including Ethereum. The second-largest digital asset has remained around $350.

Ripple has also stayed at a similar level as yesterday and trades above $0.23. However, Polkadot (-2.5%), Chainlink (-1.5%), Crypto.com Coin (-0.5%), and Bitcoin SV (-1.5%) are all in the red from the top 10.

The only exception comes from Binance Coin. BNB has jumped by 2.5% since yesterday and nears $28.

Cryptocurrency Market Overview. Source: coin360.com

The most impressive gainer in the top 100 is a newcomer – PumaPay. The native cryptocurrency PMA has skyrocketed by 220% to $0.0012.

Ampleforth has jumped by 20% to $0.9. Terra (6.5%), Celsius (6.5%), and TRON (6%) are next.

In contrast, DFI.Money (YFII) has lost the most value – 10%. Uniswap’s governance token UNI follows (-9%). Further losses are evident from HedgeTrade (-7.5%), SushiSwap (-7%), and OMG Network (-5%).

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