The Currency Analytics
By Steven Anderson
What’s the Current Market Performance of Bitcoin in the Midst of Coronavirus…
The Pressure Brought by Lunar New Year
Center for Disease Control has confirmed that two people in the US were infected by a coronavirus. Recently, these two people have been in Wuhan, China.
After marking the highest levels in more than two weeks, the prices of Bitcoin plunged on Friday.
Two days ago, the benchmark sport rate of BTC collapsed by 1.66% to $8,246.14. aside from that, the futures listed on CME fell by 1.49% and traded at $8,245.
Some analysts don’t suggest that the leading crypto asset by market capitalization can seriously react to the virus outbreak currently happening in China.
On the other hand, it’s good to note that cryptos, like BTC, are known to have a sensitivity to different geopolitical factors.
As other folks remember, the tension between the US and Iran made BTC climb as high as $9,194.99. That price surge happened on January 13th.
Is Bitcoin Starting to Lose Steam Because of Coronavirus Fears?
According to crypto analysts, the pullback of stocks is different from Bitcoin’s losses. The rally of the crypto reached a level close to $9,000.
Furthermore, some analysts also mentioned that the crypto still have a big chance to gain well in the near term.
However, other analysts said that Bitcoins is starting to fail in maintaining its spot as a safe haven asset over the Coronavirus outbreak.
As always expected by most people, travel, and trade between the US and China should be at high rates. However, due to the coronavirus outbreak, the opposite is what happened.
Despite the Chinese government’s effort in improving the healthcare provision and imposing a travel ban, the virus continues to spread.
Based on the previous market performances, the Lunar New Year traditionally brings sell pressure for BTC.