October 19, 2021

Bitcoin rate dropped to $ 39,500 and moved to recovery

Bitcoin rate dropped to $ 39,500 and moved to recovery

Bitcoin price that night fell to $ 39,500, thus setting a new low in a month and a half. Ether at the same time was falling below $ 2,700. At the time of publication, the two cryptocurrencies are again trading at $ 42,000 and $ 2,850, respectively.

The recovery took place after the announcement thatthat debt-ridden Chinese property developer Evergrande is ready to pay its bond coupon on September 23rd. Amid the news, the US stock market, the yuan and the risk-sensitive Australian dollar soared higher, while defensive assets, including the yen and US government bonds, declined. Bitcoin, in turn, has recently shown an increased correlation with the S&P 500 index and has also grown.

Nevertheless, as noted by Bloomberg, investorsit is too early to relax as it is a yuan-denominated local bond, while the fate of the company's offshore obligations remains unknown. The amount due on Thursday is $ 119.5 million, of which only $ 36 million is in domestic liabilities. On Monday, Evergrande already defaulted on payments to at least two of its bank creditors.

The decline in bitcoin over the last 5 days wasalmost 20%. At the same time, the entire cryptocurrency market, with rare exceptions, is in the red, despite a 2-5% rise in the last hour. According to the Fear and Greed Index, cryptocurrency investors find themselves in a state of "extreme fear", although Bitcoin is now trading 45% higher than two months ago.

Bitcoin rate dropped to $ 39,500 and moved to recovery

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Galaxy Digital founder Mike Novogratz said on Tuesday that he "won't be nervous" until the cryptocurrency drops below $ 40,000:

“I think the market has gotten a bit too optimistic,and the news from China scared everyone. $ 40,000 for bitcoin and $ 2,800 for ether are very important levels. I think the market is in good shape as long as they hold on. Our investment and corporate clients are exclusively engaged and active. "

Where is it more profitable to buy bitcoin? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposit and withdrawal of funds in rubles, hryvnias, dollars and euros.

Site reliability is primarily determined bytrading volume and number of users. By all key metrics, Binance is the largest cryptocurrency exchange in the world. Binance is also the most popular cryptocurrency exchange in Russia and the CIS, since it has the largest turnover of funds and supports transfers in rubles from bank cards Visa / MasterCard and payment systems QIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

# Exchange: Website: Rating:
1 Binance (Editor's Choice) https://binance.com 9.7
2 Huobi https://huobi.com 7.4
3 Exmo https://exmo.me 6.9
4 OKEx https://okex.com 6.5
5 Bybit https://bybit.com 6.3

The criteria by which the rating is set in our rating of crypto-exchanges:

  • Work reliability - stability of access to all platform functions, including uninterrupted trading, deposit and withdrawal of funds, as well as the period of work on the market and the daily trading volume.
  • Commissions - the size of the commission for trading operations within the site and the withdrawal of assets.
  • Additional features and services - futures, options, staking, NFT marketplace.
  • Feedback and support - we analyze user reviews and the quality of technical support.
  • Convenience of the interface - we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
  • final grade - the average number of points for all indicators, determines the place in the rating.

Bitcoin rate dropped to $ 39,500 and moved to recovery

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