Bitcoin Is Fuelled By CoronaVirus Epidemic As The Traditional Markets Are Hit

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • Bitcoin is climbing on an everyday basis parallelly when the CoronaVirus epidemic is spreading through nations.
  • Bitcoin has maintained a steady pace, and at times when the new spread of the virus reported, Bitcoin surged in its price.
  • Bitcoin called the digital gold of this era, having market capitalization near to that of gold itself.

The price of Bitcoin foretold to rise as long as the CoronaVirus epidemic contained. The CEO and founder of deVere Group, Nigel Green, has made the statement that cryptocurrency is playing the role of safe haven where investors are dumping in to hold Bitcoin.

At the same time, the traditional markets are taking a hit to the slow run of the economy in the CoronaVirus epidemic. Bitcoin is climbing on an everyday basis parallelly when the CoronaVirus epidemic is spreading through nations.

With the list of countries reporting positive on the CoronaVirus outbreak in their respective nations. The economy is also falling in those nations as the movements and trades have brought to a halt.

According to a financial investment group based in Hong Kong was able to report the correlation and has summarised that until the CoronaVirus keeps spreading and reaches its peak, Bitcoin will keep climbing upwards.

Bitcoin has maintained a steady pace, and at times when the new spread of the virus reported, Bitcoin surged in its price. It has grown more than 10% this past week and has scored more than 30% from the previous year.

The total confirmation on the victims of the CoronaVirus has increased from 581 counts on 23rd of January this year to more than 14,600 counts on the 2nd of February (less than two weeks).

Market investors have turned towards Bitcoin as a safe and independent asset during the economic crisis, and the investors believe that traditional assets directed towards uncertainty. Bitcoin called the digital gold of this era, having market capitalization near to that of gold itself.

However, Bitcoin will not keep climbing steadily, there can be some breaks expected as well. This example can be seen from yesterday’s trade as the Bitcoin has lost 0.48% from yesterday’s trademarked at $-45.46. It is currently trading with a market value of $9,354.95.

We Recomaned

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Partners