The Coronavirus epidemic sigue continues to expand around the world. At the moment there is an infinite amount of news, fakes or not, about the number of cases, deceased, recovered and more. Therefore, information can be quite difficult to process. In addition to this, in our cryptoverse another infinity of news has been published referring to the impact that this virus will have on the prices of Bitcoin and its altcoins. But, how has Coronavirus really affected the price of BTC in the most hit countries?
The amount of news, expert opinions, and preventive measures are second to none. Many and very different propagation rates are handled. Even different predictions of what the price of BTC will be handled in the short term as the new pandemic continues its path.
But this time we will not talk about the opinion of experts or financial models. This time, we will go to the tangible data to see how the price of Bitcoin has behaved in the 7 main countries infected with the Coronavirus and if this has really had any significant impact on the value of each BTC token.
These nations are:
- China 🇨🇳
- South Korea 🇰🇷
- Iran 🇮🇷
- Italy 🇮🇹
- Germany 🇩🇪
- France 🇫🇷
- Spain 🇪🇸
Before starting, it is important to know that the price of BTC according to the main crypto exchanges in the world is around $ 8,500.
Coronavirus in China 🇨🇳
China is point 0 of the virus. Specifically the city of Wuhan in central China. We all know the story a bit, but we recommend seeing our series on the Coronavirus in the following link.
Currently the Asian giant is the most affected territory. It has a total of 80,701 Cases and 3,098 deaths. The plan to close cities seems to have had a positive effect on the number of new daily cases.
But how is the price of Bitcoin (BTC) handled in China? It is currently quoted at an average price of ¥ 62,650, which represents approximately $ 9,200. Well above the current price of $ 8,500.
Since the alarms went on for the first time on January 5 of this year, its price was at $ 6,800, while the world average was at $ 7,300, below the market price. So it can be said that the price of BTC has been positively favored by the Coronavirus in China.
Unlike the other countries on this list, the BTC trade in China is prohibited in crypto exchanges thanks to the censorship that exists in the country, so it is normal that there is some degree of distortion.
BTC price in South Korea 🇰🇷
The second most affected country is the southern part of the Korean peninsula. Unfortunately, South Korea has 7,313 confirmed cases and 272 deaths.
The price of each Bitcoin token, like China, has a difference with the market price. Currently each BTC is priced at $ 8,900. While, for example, at LocalBitcoins.com it is at $ 9,300. A price above the valuation of the international market.
Bitcoin price in Iran 🇮🇷
The Persian country is the third in this list. With 6,566 confirmed cases and 194 deaths, in which personalities of Iranian politics stand out.
Iran has also taken a somewhat extremist position with the Bitcoin trade and the other cryptocurrencies. But, in a government exchange where only BTC is allowed to be sold, its price is surprisingly close to the international market price, at about 362,637,099.89 Rial.
But, if we go to LocalBitcoins.com we notice that there are only 4 characters selling and buying BTC for the amazing amount of $ 32,238.74. Yes, just as you see it. Perhaps this is the highest price of BTC in history.
Italy 🇮🇹, Germany 🇩🇪, France 🇫🇷 and Spain 🇪🇸
Traveling outside the Asian continent, Italy is the most affected country. With a total of 5,883 cases and 233 deaths. It is followed by Germany with 951 cases without deaths, then France with 949 with 16 deaths and finally Spain with 613 cases and 17 deaths.
Unlike everyone else on the list, the fact that these countries are within the European Union facilita makes things a lot easier for them. Since it doesn’t matter if, for example, the price of the BTC increases exponentially in Italy, you can always go to other markets in Europe with a lower price. This is because they share the same currency and almost no friction when it comes to moving capital personally between country and country.
So there is no effect different from the market price in these countries. We cannot notice, as it was in the other countries of this list, a significantly different price of Bitcoin.