Despite the world being under immense pressure right now, and on a practical lockdown, Bitcoin price resumed its roller-coaster.
Although the crypto market has been going through a rough time, yet king of crypto managed to rise to 29.11 percent in the last 24 hours window and to set the latest weekly high of $6,900. Following the erratic sell-off last week and crashing from $7,969 to $3,858, Bitcoin has now started making its move uphill.
A renewed interest in buying has supported the price rebound, ultimately increasing it up to 78 percent.
Bitcoin price chart by Trading View
Understandably, this jumper in Bitcoin price still remains incalculable for many. Last week Bitcoin price showed signs of going further down, as investors started exchanging it with cash. So, this abrupt rise in price left everyone surprised, given the current situation of the global economy.
An investment management firm DCAP Holdings’ Co-founder Dan Tapiero tried to explain this Bitcoin price rally. Per Tapiero, the big investors credited the negative rates of interest for Bitcoin pumping, explaining that individuals have to pay the government of the United States for keeping their money with themselves.
This is a complete joke. The European banking stock index, SX7E, is -50% in the past month, and still -90% from 2007 peak. European policy has been a complete failure. Try something more dynamic? Remove limits. Action instead of words. You are the reason #Bitcoin will succeed. https://t.co/eYJYbRxI7G
— Dan Tapiero (@DTAPCAP) March 19, 2020
While lately, Central banks have intervened for controlling the economic slowdown resulted due to the outbreak of Coronavirus. The United States Federal Reserve, Bank of England, and European Central Bank have introduced Coronavirus bailout and support packages such as buying hundreds of billions of dollars in the treasuries.