Popular cryptocurrencies collapse due to investor pessimism in global financial markets

By Stormgain | Stormgain | 4 Sep 2020


The most popular cryptocurrencies are losing significantly on Friday. According to the StormGain cryptocurrency trading platform, Bitcoin Cash and Litecoin feel worse than the rest - their quotes fall by 8-9%. At the same time, Bitcoin loses about 5% and is gradually approaching the psychological level of $10,000, while trading at $10,250.
Such negative dynamics is observed on the general pessimism of investors in the global financial markets, following the publication of weak statistics on the US and Eurozone economies, which raised doubts about the prospects for an early recovery of the world economy after the coronavirus pandemic.
The US trade deficit in July rose by 19% to $63.6 billion, and the country's service sector PMI in August fell to 56.9% from 58.1% in July. In the eurozone, the volume of retail sales in July fell by 1.3% compared to June, although the market expected an increase of 1.5%.
At the same time, popular cryptocurrencies did not respond to a number of favorable news. In particular, the Swiss canton of Zug allowed residents to pay taxes with digital assets. And Ethereum miners earned a record $ 17 million per day as a result of a sharp increase in fees, which has been recorded recently.
Probably, the market will continue to go down, but, most likely, the situation will calm down somewhat, and the most popular cryptocurrencies will be able to slightly correct upward in the future.
In this regard, Bitcoin is unlikely to break the psychological mark of $10,000, Etereum may drop $380, Bitcoin Cash - up to $220, XRP - up to $0.23, and Litecoin - up to $45. Upon reaching these levels, cryptocurrencies can bounce off them and go up, regaining their previously lost positions.

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Stormgain
Stormgain

StormGain is a crypto trading platform for everyone. It’s a convenient solution for those who want to profit from either the growth or decline of the cryptocurrency market and from long-term investments in crypto assets.


Stormgain
Stormgain

StormGain is a crypto trading platform for everyone. It’s a convenient solution for those who want to profit from either the growth or decline of the cryptocurrency market and from long-term investments in crypto assets. Available on any device, StormGain allows you to start trading the most popular and most capitalised coins with a multiplier of up to 200x, or you can just buy and hodl crypto.

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