Another crypto corona selloff? BTC, ETH and LINK fall

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Bitcoin and other cryptocurrencies fell along with worldwide stock markets as it became obvious that Europe was in for a second wave of the coronavirus and a possible further tightening of the economic hardship.

Major European stock markets like the German DAX, the Dutch AEX of the French CAC were down some 3% in afternoon trading on Monday as the US stocks also started in the red.

In the end, US stocks managed to par the losses, with the Dow finishing 2% lower and the Nasdaq unchanged.

Over in Asia this morning, stocks continued the rout, with Australian markets heading for a three month low.

Schools and travelers

Investors are fearful about the economic impact of a possible second corona wave which has been triggered by a combination of factors: vacationers returning from abroad and the reopening of schools.

Britain could be facing 50,000 new Covid-19 cases a day by mid-October leading to 200 deaths a day a month later if the current rate of infection is not halted, the Government’s chief scientific adviser Sir Patrick Vallance warnshttps://t.co/z8GiIGz8WC pic.twitter.com/xld2KrrCCY

— ITV News (@itvnews) September 21, 2020

Most worrying was the news from the UK where the government of Prime Minister Boris Johnson admitted that, if the trend continues, there would be about 50,000 new cases per day by the middle of October.

Crypto falls

The Bitcoin price is trading near $10,438 at the time of writing, whereas just last week we reported that the most famous cryptocurrency had touched near $11k again.

The Ethereum price also suffered and was looking at the $300 level again, trading at $341.

Other crypto coins were suffering much harder though, and in the top 10 of CoinMarketCap the losses of Polkadot, Binance Coin and Chainlink stood out. Chainlink is now even below $10 again, trading at $8,94.

$LINK

Almost every single major pump, especially the all time highs, will have a full retrace.

This is crypto. Chainlink is no different. The Link marines just learned a tough lesson. pic.twitter.com/L1kwThvDMZ

— Crypto Clock (@BTCfunkydunk) September 21, 2020

Further down the losses for another DeFi coin, Yearn Finance kept mounting as well, with YFI trading near $24k whereas it looked set to break its ATH of $40k only a week ago.

Dollar rebound?

The only major winner thus far was the US dollar which seems to be refusing to break out of its historical trading range and jumped back to a value of 1.17 versus the Euro. As the Dollar strengthened, it added to Bitcoin’s woes.