A new story has emerged about COVID-19, known as coronavirus. Cryptocurrency and traditional markets are suffering after the virus was discovered in Italy. Coinbase is bracing itself for the worst – case scenario when it comes to coping with the spread of this virus on the cryptoexchange. Coronavirus Impacts On Bitcoin. Sources: 8
However, not everyone is convinced that Bitcoin’s recent success can be attributed to concerns about the spread of coronavirus. Just last week, the head of the I – Vera Band Indicator at the Federal Reserve Bank of New York warned investors that the latest Bitcoin rally could have gone too far too fast. The analysis of bitcoin’s technical data shows that it’s been signaling twice recently that a correction is imminent. As Bitcoin has begun to steadily fall from nearly $ 10,000 per Bitcoin to the low of $ 6,600 seen in December, we have been sounding the alarm. Sources: 1
On Sunday, Bitcoin rose above $ 10,000 for the first time since September. According to New York – based bitcoin and cryptocurrency exchange Bitstamp, it was trading at around $10,335 at the time of writing. This marks the highest price in the 10-year cryptocurrency since it hit a low of $ 3,196 in December 2018. Bitcoin rebounded to over $ 11,500 on Sunday ( PS7731 ), fueling speculation that investors are seeking a safe haven from fears about the economic consequences of coronavirus. Sources: 6
Recent concerns about coronavirus have sent markets, including stock markets and the cryptoindustry, tumbling. Meanwhile, the price of gold, an asset investors flee in times of economic hardship, has soared. Bitcoin prices have soared in recent months, reaching more than 60 % ROI since the beginning of the year. But is this fear ending bitcoin as a safe haven? Sources: 7
CEO Rust told USA TODAY that Bitcoin, the market leader, hit a record high last week, surpassing $ 100,000 a day in China alone. China, which seems to be near zero incidence of coronavirus, is several years ahead of the US in abandoning paper money. A surge in investment in cryptocurrencies such as Bitcoin has been observed in recent months, with news of a new coronvirus hitting the airwaves, though this may or may not be pure chance. In second place behind Bitcoin in mobile payments is Ethereum, whose shares rose to $ 278, from a much lower $ 291 sharebebe a year ago. Coronavirus Impacts On Bitcoin. Sources: 0
Last week, two cryptocurrency mining equipment makers notified customers that shipments would be delayed by at least a week because of the coronavirus quarantine in China. Bitcoin soared to a new high for the year last month, surging as China’s stock market plummeted. Chinese output could be affected by the spreading coronvirus in the coming months, with manufacturing, materials and consumer goods companies hit hard, investors fear. To the extent that Bitcoin has bolstered the value of so – called safe haven assets, it has soared past the 2020 high of $ 9,620, flying away from fears that the price might be about to fall. Sources: 1
At the time of writing, it has fallen from a high of $ 10,500 to less than $ 9,000. As the stock market begins to fall, cryptocurrency investors are pausing to wonder if it will fall in the same way that stocks backed by tangible fundamentals have fallen. Gold, a safe haven for investors for centuries, has risen as investors fear a recession ahead. The sell – off in cryptocurrencies continues amid fears of how coronavirus could further disrupt the global economy. Sources: 7
The US stock index fell for the sixth straight day and Treasury bonds fell to record lows. The price of bitcoin rose 1.4 per cent to $ 8,902, rising along with popular cryptocurrencies including ether. Gold prices were little changed at a little over seven – year high. Coronavirus Impacts On Bitcoin. Sources: 4
The first month and a half of 2020 is going to be very bullish for the cryptocurrency market. In any case, the largest virtual currency is now trading at a critical level of support that will give a chance for bulls to re – enter the market, according to a recent report. As the coronavirus spreads faster than it can be linked to it, many investors are wondering if it is reacting to the rise in the price of bitcoin and other virtual currencies such as ether. Sources: 3
During the same period, the price of Bitcoin rose 30 % to over $ 8,000. Some analysts seem to believe that the spread of the coronavirus has contributed to the sharp rise in bitcoin’s price. On the other hand, there are some analysts who view the recent spike in price as more of a technical move. It is easy to draw comparisons and say that investors are compensating for stock market declines by turning to Bitcoin and other cryptocurrency assets. Sources: 5
Cryptocurrency assets have not yet grown to the point where moments of global crisis or geopolitical turbulence affect their prices. The availability of bitcoin has surely grown slowly over time, but it is considered safe. To support this claim, as this chart from an extremely reliable source shows, the total number of crypto wallets experienced a spike during the same period. Now, let’s turn to a chain of events that led to this recent spike in bitcoin’s price.
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Coronavirus Impacts On Bitcoin
