September Bitcoin Price Marks Steepest Drop Since Coronavirus Pandemic

The price of Bitcoin is currently hovering around $14,000 Canadian as we start the month of October. The world’s most valuable cryptocurrency saw a 7% drop during the month of September, marking the most significant one-month dip since the coronavirus pandemic wreaked havoc across the crypto world and the broader investing market back in March.

Crypto and the Coronavirus

The average price dip across all cryptocurrencies in the month of March was about 25%. Global equity markets also fell dramatically triggering a race by investors to get out of their positions and get their hands on more cash. This sent the value of the American dollar on a strong move up, which was of course temporary. Between March and August, Bitcoin rallied from under $4,000 USD to $12,400 USD. Nearly $17,000 Canadian. Yet here we are today sitting at a price of around $14,000.

Is Bitcoin Close to Bottoming out?

U.S. President Donald Trump is currently in quarantine with the coronavirus and the voting polls open on November 3rd. No matter the market, investors definitely don’t like uncertainty. Whenever something bad happens, the average investor pulls back. At a time like this with more and more money being printed out by federal governments, the American dollar being continually devalued, and the President being sick, it’ll be really interesting to see how markets react. So far at the time of this writing the altcoin market is down with Bitcoin struggling to stay even for the day.

It appears at least at the present moment that the price is actually consolidating as bulls and bears struggle to get the better of each other. The market’s immediate concerns will only impact the Bitcoin price in the short term.

Both fundamental and technical analysis are currently pointing to a long-term bull run for digital gold. For now, investors will just have to wait a little bit to see what happens next.

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