Bitcoin rises 9% amid the crisis of the markets due to the Coronavirus
Bitcoin is winning amid a massive sale of fiat currencies, and could increase further if the US stock markets. USA monitor European actions against Coronavirus and its effects higher.
Current levels of $ 5,856.00 mark the highest in Bitcoin since March 13 of this year, when the cryptocurrency fell to lows not seen since 2018. Since then, it has recovered by more than 50%.
As of writing, Bitcoin recovers to $ 5,851.00, representing a 9.4% increase on a 24-hour basis. They can follow the price of Bitcoin using our tool, Crypto Online.
On the other hand, many investors are selling everything, including safe havens like the Japanese yen and the Swiss francs. The goal is to move their money into dollars for fear of a Coronavirus-led recession in the global economy.
BitMEX believes that Coronavirus is the biggest challenge for Bitcoin
BitMEX, the world’s second largest crypto exchange by daily trading volume, believes that amid the continuing worldwide collapse of the Coronavirus, Bitcoin faces its greatest challenge and opportunity to demonstrate its potential during the global financial crisis.
On March 17, the exchange’s research arm, BitMEX Research, published an analysis of the ongoing impact of the COVID-19 pandemic on financial markets. Entitled “Inflation is comingThe BitMEX Research blog post describes the collapse of the Coronavirus financial market as the biggest economic crisis since the 2008 financial crisis.
In the same analysis, BitMEX also compared the recession to the 2000 Dotcom bubble and the 1997 Asian crisis.
Noting that inflation is likely to reveal “a
clear winner ”under a new global financial regime, BitMEX Research
emphasized that Bitcoin, created in 2009 as the first cryptocurrency, now has
your greatest opportunity to demonstrate your value.
BitMEX Research wrote:
“In our opinion, in this changed economic regime, where the economy and financial markets are slacking off, with no major anchor at all, not even an inflation target, it could be the greatest opportunity Bitcoin has seen in its short life.”