As Coronavirus keeps spreading across the world, the toll has exceeded over 100 individuals now. With the global outbreak of the virus, the market has gone down with the majority of stocks plunging. While this was expected, there was something which was not expected by most – Bitcoin going bullish. Along with BTC, gold prices also went up.
In the past 24 hours, BTC has gone up by more than 4% and crossed the $9000 mark. Not only BTC, but other cryptocurrencies in the top 10 have surged 5-10% in the time frame. This is the second time in 2020 already when Bitcoin has behaved like gold and risen in miserable conditions.
Bitcoin going bullish- a good sign or bad?
Bitcoin going bullish can be a good sign for the crypto market but as it turns out, there have been two instances in 2020 itself when BTC prices have soared high. The first one was when US President Donald Trump attacked and killed Iran’s major general Qasem Soleimani and increased the geopolitical tensions. During this time, BTC rose to a new peak.
With the rise in death toll due to Coronavirus, Bitcoin has again behaved in the same manner. Over 4500 individuals have been infected with the virus and 107 have been reported dead till now. These stats solely belong to the country of China. While other countries like Hong Kong, the US, Thailand, Malaysia, Australia, and France have also reported positive for the virus. However, no deaths have been reported outside China.
Trump offers help to China
Several countries have alerted travelers not to travel to China, unless very necessary. US president Donald Trump has also tweeted with his official account, offering help to the Chinese government regarding the virus.
The sudden rise in prices came after the stockholder dumped their assets to invest in better and safer assets like gold or oil or even Bitcoin.
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