Bitcoin price has once more shot past the $7,000 mark and is now trading approximately at $7,380. This is a definite growth as the coin was trading at $6,800, just yesterday.
The bullish sentiments lately indicate that Bitcoin has somewhat redeemed itself. From the Bitcoin price drop in mid-February to the crash in March, the leading crypto asset has slowly recovered. Having said that, BTC still needs to cover a $3,000 gap to reach its 2020 peak for a second time.
The fear caused by the Coronavirus seems to be dying as many nations, including the most affected ones, i.e., Italy, Spain, and the UK report record low cases of Coronavirus being reported. This is a testament to how social distancing is working as a social vaccine.
Professor Angela McLean in the UK offered viewers charts to highlight how social distancing has been working.
Countries like Italy and Spain have seen a dramatic fall in reported deaths as they have been practicing strict social distancing for the past month. Authorities believe that lockdown would be lifted by the end of this month if the trend continues.
Current practices to fight COVID-19 must continue
Italy ISS national health institute director Silvio Brusaferro explained: Silvio Brusaferro, the Director of Italy ISS national health, stated that the curve has started to descent as the reported deaths have seen a dramatic decrease. If the data is confirmed in the coming days, all attention would be directed towards phase 2.
Apart from Bitcoin, Ethereum’s price has increased by more than $20 in the last 24 hours. The leading altcoin currency is trading in the $160 range for the first time in nearly a month.