The whole world has been suffering under the cruel clutches of coronavirus. The deadly virus started its journey from China and has been continuing with its rising death toll across the countries. WHO has warned all the countries to be prepared with their mechanism for treating the affected ones. Coronavirus has seriously emerged as a dangerous plague disease and a big deteriorating factor for the world economy that has been shackled. And if you are not abreast with crypto news, then you will see that even cryptocurrencies are not untouched by it. But there are claims which state no association between the Bitcoin’s price surge and coronavirus, which you all have been reading through news stories and other media.
Is Coronavirus An Advantage For Bitcoin?
Sounds weird, isn’t! but this statement has been doing rounds amid the time of coronavirus. China is among those countries that carry a tag of the crypto hub, even though it was not in support of cryptocurrency and even initiated in banning the Bitcoin. Some people believe in this claims that when the news about coronavirus was broke out, many people from China which also included some eminent ones initiated in bringing Bitcoin from stocks or cash.
After that, they chose to leave the country as it is very complex to move out with a great amount of gold or cash. Somewhere, it proves that there is no association between Bitcoin price surge and coronavirus. Bitten with its worldwide fame, anyone would have taken the hasty move in buying Bitcoin, which is risky for the newbies in the middle of corona news outbreak becoming an international emergency.
Bitcoin, Still Not Being Accepted Widely By Masses
Being the best-acclaimed cryptocurrency, Bitcoin still has to widen its reach because no matter how much popularity it has gained worldwide amid the global crisis which has affected its price. It is still not being adopted much by the masses. Even if it is adopted, then it is not up to that faster level. It is especially during corona outbreak, where the number of crypto wallets has not received any positive spike.
On 23rd January 2020, Wuhan became the first victim to have experienced the deadly virus corona. However, it was first discovered in the previous year (2019). If you have been following breaking crypto news, then you will know that during that phase, the price of Bitcoin was diminishing somewhere between $7K to $8K, which was okay if analyzing at the crypto market. So here it proves that there was no association of Bitcoin price surge and coronavirus. The current trading of Bitcoin which is $9K remains about the same as in 2019. It did gain some 10% value since corona pandemic outbreak, but analysts were already sure about its current level to reach because of some factors that were responsible for its price fall.
So now you know that there was no association between Bitcoin price surge and coronavirus. Although, everyone would have certainly believed it because of the outbreak of this deadly virus has dampened the world economy and have affected the businesses very badly. No one had ever expected that the year 2020 would soon prove to be a doom for the world economy. The solution of mere lockdown is not going to help anyway in the economy because it is completely a kind of home arrest. The only thing people can do is to hope for the end of the deadly virus soon, so that economy get back to its pace.