The crypto market experienced its second day of losses after nearly breaking records last weekend. In fact, according to the latest data, the global market capitalization fell by 3.4%, reaching $ 1.75 trillion. And, at the time of writing, Bitcoin has dropped by 4.5%, struggling to hold above $ 54,000.
What is the reason? Apparently, the evident rise in USD has impacted cryptocurrencies very negatively. Investors are resorting to the US currency amid accelerating economic recovery.
Aside from that, the trade conflict between the EU, US and China also appears to be affecting investor sentiment. Most likely, it will create increasingly harsh conditions for Bitcoin.
But the coronavirus refuses to go away. In fact, many are convinced that another wave will shake the world, and that the return to normalcy will be delayed for a few more months. Will this benefit cryptocurrencies? We are not certain. But the further growth of Bitcoin will depend on whether it can continue to show its growth potential to investors, especially to those who are eager to see positive price movements in cryptocurrencies.
