Over the past 24 hours, the cryptocurrency market has gained $20 billion, as important cryptocurrencies bitcoin and Ethereum recorded strong gains.
There were heavy losses in US markets on Thursday after President Trump announced the implementation of fresh tariffs on China as early as next weeks. These tariffs will amount to approximately $50 billion on a yearly basis for Chinese exports.
Bitcoin has fallen below the $8,500 mark, merely 24 hours after surpassing $9,000.
The billionaire venture capitalist is doubling down on BTC, likening the electronic coin to gold's online equal. «I would be long bitcoin and impartial to skeptical of just about everything else at this stage with a couple of possible exceptions.
The cryptocurrency market has been volatile during this week, as major cryptocurrencies including bitcoin, Ethereum, Ripple, and Bitcoin Cash have continued to move in between $340 billion and $380 billion. Is Bitcoin Ready to Move?
A correlation emerged between gold and cryptocurrency prices late last year as investors started trading gold for bitcoin. Analysts expect the trend to continue, despite the recent drop in bitcoin's cost.
Within the last 24 hours, the cryptocurrency market has remained relatively steady in the $450 billion region, after recording a $30 billion increase in market valuation on February 27.
A similar trend occurred today, because most important cryptocurrencies including bitcoin fought to record gains.