Bitcoin price continues to be in bear grip as global equities market enjoy the much-needed reprieve

Bitcoin, the world’s largest cryptocurrency has been holding near the $9000 market for some time now, and as we proceed into the second week of November, the digital asset does not seem to budge.  The sideways movement continued as investors figured out that the stock markets have been functioning on a positive growth scale.

At press time, Bitcoin (BTC) was exchanging hands for $9054.22, with a total market cap of $163.30 billion. The most significant crypto’s 24-hour market volume had not moved significantly in some time now and was currently holding at $22.15 billion.

Coinsuper, a relatively unknown cryptocurrency exchange, conducted the most amount of Bitcoin transactions with $865.867 million worth of transactions occurring on the platform. Coinsuper was followed by BKEX, which oversaw $2.89 percent of the total BTC transactions.

Last week was quite eventful for Bitcoin with China’s positive approval towards the cryptocurrency, but after that, the hype has died down, and the price hike has been just minimal. While Bitcoin has been going through a bearish trudge, the rest of the global equities market was on a significant ramp-up. According to NASDAQ:

”We have another big day of earnings, Intel’s Investor Summit is on deck, and US futures are poised to open higher today following solid gains in Asian and European equities. The catalyst for the strong start was a report last night indicating the US is considering rolling back the 15% tariffs imposed on $112 billion in Chinese goods on September 1 and delaying new tariffs set to be imposed in December in order to close the phase one trade deal in the coming weeks.”

Bitcoin and the finance sector

Investors in the mainstream financial space have been warned to tread carefully as the market has inflated earlier, too, on the backs of US-China trade talks. This has backfired multiple times recently after political policies from both countries resulted in the discussions and negotiations reaching an impasse.

In earlier economic reports, Bitcoin has been compared to mainstay assets like gold, with the latter also seeing a dip in fortunes. In a recent report published by the OPEC, the organization had lowered its forecast for global oil demand growth to 104.8 million barrels per day by 2024. Despite this, some analysts in the cryptocurrency industry still worry that the fall out from discussions between the US and China will have negative ramifications on Bitcoin in the long run.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.