Bitcoin News
By Steven Anderson
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What’s the Current Market Performance of Bitcoin in the Midst of Coronavirus…
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The Pressure Brought by Lunar New Year
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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.
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After marking the highest levels in more than two weeks, the prices of Bitcoin plunged on Friday.
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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.
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Some analysts don’t suggest that the leading crypto asset by market capitalization can seriously react to the virus outbreak currently happening in China.
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On the other hand, it’s good to note that cryptos, like BTC, are known to have a sensitivity to different geopolitical factors.
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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.
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Is Bitcoin Starting to Lose Steam Because of Coronavirus Fears?
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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.
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Furthermore, some analysts also mentioned that the crypto still have a big chance to gain well in the near term.
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However, other analysts said that Bitcoins is starting to fail in maintaining its spot as a safe haven asset over the Coronavirus outbreak.
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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.
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Despite the Chinese government’s effort in improving the healthcare provision and imposing a travel ban, the virus continues to spread.
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Based on the previous market performances, the Lunar New Year traditionally brings sell pressure for BTC.
The Currency Analytics
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