Bitcoin Stable at $10,750, Wall Street in Green as President Trump Returns to Office (Market Watch)

Over the past 24 hours, Bitcoin has continued to rise in value gradually and now sits above $10,750. The price increase follows impressive gains registered on Wall Street during yesterday’s trading session, after news that US President Trump has returned to the White House.

Bitcoin Follows Stocks Up

As CryptoPotato reported yesterday, Bitcoin touched $10,750 following news that US President Donald Trump will be released from the hospital later that day. The asset decreased in value shortly after, but it started rising again in the past 24 hours following optimism on Wall Street.

President Trump indeed left the Walter Reed National Military Medical Center on Monday and returned to the White House, where he removed his mask, despite still carrying the COVID-19 virus. Although CNBC and other traditional media have classified it as a “reckless departure,” the stock markets reacted with immediate gains.

Wall Street closed yesterday’s trading session deep in the green. The Dow Jones Industrial Average ended up with a 1.7% increase, the S&P 500 with 1.8%, and the Nasdaq Composite trumped them all by surging with 2.3%.

It appears that Bitcoin’s increased correlation as of late with Wall Street has impacted the cryptocurrency as well. After a quick dip to $10,620 (on Binance), BTC headed upwards and peaked at $10,800. Even with the slight retrace since then, BTC is still above $10,750.

 TradingVIewBTCUSD. Source: TradingVIew

Calm Among Large-cap Altcoins

The larger-cap altcoins have remained relatively stagnant on a 24-hour scale. Ethereum has jumped with less than 0.5% and trades near $355. Bitcoin Cash (0.5%), Chainlink (0.2%), Crypto.com Coin (0.5%), and Litecoin (0.3%) have also increased slightly in value since yesterday.

Ripple is the only exception with more impressive gains. XRP has increased by over 3% and nears $0.26.

In contrast, Binance Coin and Polkadot are both in the red following a similar 1.5% decrease. BNB is down to $28.5, while DOT trades at $4.1.

 coin360.comCryptocurrency Market Overview. Source: coin360.com

Even mid-cap altcoins have remained calm without representatives of the double-digit price increase club. Zcash has increased the most in value since yesterday, with 7.5%. Monero (6.1%) and Quant (5%) are next.

However, there’re a few double-digit decreases charted. After a few days of notable price pumps, PumaPay has plummeted by 90% today. Uniswap is next with a 13% drop, followed by Synthetix Network Token (-12%), and HedgeTrade (-10%).

The post Bitcoin Stable at $10,750, Wall Street in Green as President Trump Returns to Office (Market Watch) appeared first on CryptoPotato.

Publication date: 
10/06/2020 - 06:15
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