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BiyaPay Analyst: Bitcoin Breaks Below $113,000, Cryptocurrency Stocks Tumble 6.45%
BlockBeats News, August 20th. Bitcoin failed to break through the $116,000 mark in the evening and then saw a significant weakening of bullish momentum, leading to a rapid price decline. It has now dropped below the $113,000 support level, briefly touching $112,000 intra-day. If the downward trend continues, it may test the key psychological level of $100,000. Ethereum is also under pressure, falling below $4,100.
Impacted by the weak cryptocurrency market, related stocks have also declined simultaneously. On August 19th, this sector as a whole fell by 6.45%, and on the 20th night session, most continued the downward trend: Bitmine Immersion Technologies dropped by nearly 4%, Bullish by over 3%, Robinhood by 2%, and Coinbase by around 1%. This indicates that market risk appetite is decreasing, and investors need to remain cautious in the short term.
In the context of intensified market volatility, investors need more flexible and secure trading tools. BiyaPay provides users with over 200 types of spot and contract trading for cryptocurrencies including BTC and ETH, with zero transaction fees, helping investors reduce costs and flexibly strategize. Additionally, BiyaPay innovatively supports users to directly trade US stocks and Hong Kong stocks with USDT, without the need for an offshore account, enabling real-time participation in global stock markets and seamless connection between digital assets and traditional capital markets.
Facing the complex market situation with both cryptocurrency and stocks falling, judicious use of BiyaPay's diversified products and tools will provide investors with more operational space and risk hedging opportunities in volatile markets.
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