Coronavirus Rises Bitcoin (BTC)

Coronavirus Rises Bitcoin (BTC)

By Benson Toti - min read

The pandemic COVID-19 has clearly had an impact on the cryptocurrency and forex markets, and the price of Bitcoin has taken huge leaps with each news release depicting fear and panic. The reason for this is simple; In times of doubt and trepidation, many investors seek the safe-haven of non-sovereign currencies, commodities and assets to protect their wealth. A rise in demand for the Bitcoin already in circulation causes its value to spike, and right now BTC looks to be breaking through resistance barriers as the viral outbreak continues to spread.

The year 2020 is proving an exciting time for investors. We have already experienced more breaking news this year than the whole of 2019. Beginning with Donald Trump’s drone strike which assassinated the Iranian general, and now this viral contagion which is causing concerns in every nation throughout the world.

In fact, the price of Bitcoin has risen every day since January 23rd, that was the day the city of Wuhan was placed under quarantine. At the time of publication, Bitcoin is now trading at its highest value since November, 2019. 

So, does this mean that BTC will plummet as soon as the virus is fully contained? Doubtful. Although the news will undoubtedly be reflected in the market price, it is unlikely that people who have sought to safeguard their finances will abandon the asset right away. There will probably still be a growing interest in Bitcoin as well. With the way the year 2020 is shaping up, many people will feel that the next global event is just around the corner and may wish to buy early before Bitcoin soars once more.

If the year continues to unfold as dramatically as it has begun, Bitcoin could end up rising to its all-time highs of around $20,000 before the year is out.