With the recent coronavirus outbreak, the market value of numerous companies keeps dropping and cryptocurrency is no exception as Bitcoin keeps crashing. Bitcoin price continues to suffer a significant decrease even as analysts are optimistic that it will only happen for a short period of time.
In the past days, Bitcoin was trading above $6800 but it is now trading above $6000. This fall will definitely continue as coronavirus rages on. Globally, financial markets have suffered a huge downturn since the outbreak of this deadly pandemic.
Last week, Bitcoin’s price fell below the $4000 mark. This was the worst outcome it had ever faced in seven years. With several markets crashing, analysts are predicting that Bitcoin will fall below $5000 but this will only happen for a short period of time.
Even as the financial market is experiencing a significant slump in price, Bitcoin appears to be the most affected. With the US offering about $1.2trillion to support its financial markets following the recent coronavirus outbreak, Bitcoin is still set to experience a short term fall in price.
In a recent Bloomberg publication released two weeks ago, the analysis predicted that as coronavirus rages on, there would eventually be a crash in the global economy. This appears to be the case as the prediction prevails.
Statistics have shown that this pandemic has affected more than 110 countries including China of course, where it first originated in the city of Wuhan. The virus has also slowed down manufacturing processes in these affected countries.
As the virus rages on, we can only remain optimistic that several measures put in place to reduce its spread will be effective and financial markets can breathe a sigh of relief once again.