Bitcoin (BTC) surged to a high of $ 10,730 before settling on October 5 as markets fluctuated in line with U.S. President Donald Trump’s COVID-19 contract.

Cointelegraph is looking at the factors affecting Bitcoin’s price movement this week, as the virus and its aftermath determine the overall mood.

Trump health boosts markets
President Trump enlarged markets late Sunday as dealers searched for the possibility of discharging him from the hospital on Monday following treatment for COVID-19.

Futures rallied on Friday but reversed losses, along with major stock markets including the S&P 500, with which Bitcoin still shows significant correlation.

Trump’s coronavirus diagnosis sparked mild panic late last week as stocks fell and Bitcoin / dollar reacted accordingly, dropping from $ 10,940 to $ 10,380.

It was a really fun ride; Trump said in an updated video posted to Twitter late Sunday, apparently targeting a crowd of supporters outside his hospital ahead of a surprise meeting: I learned a lot about Covid:

I realized this by really going to school – this is a real school; this is not a “let’s read the book” school, and I understand that, I understand that. This is an interesting thing, and I’ll tell you that. … ”
Wall Street has yet to open as of press release, as a resumption of trading should set the market price earlier in the week.

Cineworld Shares Down 56% Due To Coronavirus Lockdown
Unlike Trump, the coronavirus continues to pose a threat in the United States and abroad.

On Monday, New York continued to gradually close its infrastructure, while worsening infection rates in Europe forced Paris to close some institutions.

Meanwhile, Cineworld, the world’s second largest movie theater chain, said it will completely cease operations in both the United States and the UK by October 8, in a new business review. New minimum.

However, there are rumors that Trump’s situation could actually force both political parties in Washington to enter into a stimulus deal, which will have an immediate impact on the markets.

Treasury Secretary Steven Mnuchin has already allayed concerns about the ongoing impasse by saying that no matter what happens, the package will include an additional $ 1,200 incentive check for qualified Americans, Cointelegraph reports.

The long-term impact of government-sponsored income is itself controversial: commentators have previously stated that once the checks are complete, it will be difficult to simply “stop” the checks.

When the first round of checks arrived in April, cryptocurrency exchanges saw an increase in volume, especially up to $ 1,200.

Brexit deadline awaits … again
Europe’s role may be in the spotlight when it comes to the macroeconomic market as intense Brexit talks kicked off on Monday.

Long a controversial issue for the British pound and its traders, the Brexit deal, or lack of one, has had a negative impact on Bitcoin.

This time, the talks are aimed at reaching a compromise before the decisive meeting in the EU on October 15, with a realistic deadline for reaching an agreement somewhere in early November.

Asked about the consequences of not reaching an agreement, British Prime Minister Boris Johnson told BBC radio that the country “is more than it can live with.”

On Monday, in London, FTSE futures were up 100, more than recouping losses in last week’s trading.

In addition to Brexit, Cointelegraph notes that the Bank of England is currently exploring the idea of ​​introducing negative interest rates for the first time in its history.

Bitcoin difficulties, hash rate drop from peak
Recent selling pressure has meant that bitcoin fundamentals have been unable to continue their record streak.

Difficulty, perhaps the most important indicator of the health of miners, has hardly changed in the last revision of October 4. It was previously assumed that the meter would have a current record altitude to release higher ones.

In this case, the downturn reduced optimism by 0.09%, which was higher after the previous revision showed an increase of 11.35%.

Hash rate, a measure of computing power designed to validate the Bitcoin blockchain, was also unchanged on Monday, hovering at 135 ExHas per second (EH / s).

In September, the seven-day hash rate reached 143 EH / s, and on October 1 – up to 141 EH / s.

Another level of difficulty, the hard-to-squeeze bar, showed a more bullish trend last week, Cointelegraph reports.

Source: CoinTelegraph

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