Bitcoin And Gold Flourishing as Coronavirus Grips China
Amidst the struggles of China to cope with the Coronavirus, the prices of Bitcoin and gold are turning bullish.
The deadly virus which is quite new to the world originating in China has already claimed More than 80 people's lives as per various reports. The virus has spread in over 15 countries which include the likes of South Korea, California in the US, Thailand, Pakistan, and so on.
The outbreak of Coronavirus has impacted the world trade as well since many countries are cutting off their ties with China, as the virus is airborne and strict measures are being taken at international borders. Many countries have already put precautionary measures by screening everyone arriving from China and taking them to medical facilities immediately if they show any signs of infection.
Tough Times For Oil, as Bitcoin BenefitsMoreover, oil and Chinese investments have taken a bad hit. When it comes to crude oil, China is amongst the leaders of crude’s oil import. The demand is dwindling, and the price of oil took a 3$ dive and dropped to $52.
Bitcoin with a bludgeoning rise is on its way up and crossed the $8500 mark. It recovered from its slump yesterday and gained nearly 4%. Bitcoin currently stands at $8615 at the time of writing.
The current turmoil, which is engulfing the global trade, is making investors turn to the good old gold. Gold’s price surged past $1550. It took a slump after a tug of verbal war between US and Iran subsided.
Gold has experienced an uptrend since May last year after significant global incidents. Coronavirus is currently causing a return to risk-off investment.
Bitcoin and gold are the primary gainers, but other reserve currencies like the Japanese Yen and the US dollar futures benefitted too.
The Coronavirus has taken the world by storm and people are taking precautions to avoid contact. The efforts are being made by Government and health organizations to reduce the damage limit of the disease. If People continue to panic and fears don’t subside, the prices of gold and Bitcoin might continue to spike.
About The Author
Zain RazaZain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.
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