Ever since the Coronavirus Catastrophe originated from Wuhan China, its impact has been felt across the globe. China is<a href="https://www.cryptoknowmics.com/news/coronavirus-outbreak-stalls-crypto-mining-operations-in-china" target="_blank" rel="noopener"> crippling</a> as the coronavirus is tightening its grip. Iran is the newest addition to the list of countries dealing with the pandemic, and already 12 people have met the Grim Reaper. Other adversely affected countries are South Korea and Japan.

The spread-out is probably on the same level as the Spanish flu, which hurled death in the direction of thousands of Americans a hundred years ago.

Its reach has not just been limited to a humanitarian crisis, the stock markets have been bludgeoned in the process too. Ever since the great financial crisis of 2008, this was the worst week endured by the stock market, and almost $6 billion got obliterated. The government has<a href="https://www.cryptoknowmics.com/news/charles-hoskinson-speaks-out-on-the-stock-crypto-downfall" target="_blank" rel="noopener"> slashed</a> the rate to breathe some life into the lackadaisical economy, but so far the results have been picayune.

If the tone of Fed Chairman Jerome Powell implies something, it is that we can expect rates to be slashed more considerably in a bid to revitalize the economy. However, the pandemic predicament that is lingering would mayhaps need more resolute and robust measures and just cutting the rate down won’t cut it.

<img class="aligncenter wp-image-160625 size-full" src="https://www.cryptoknowmics.com/crypto/wp-content/uploads/2020/02/a164749b-d7ad-4380-a5d8-72e28aafa2cf.jpg" alt="" width="1024" />.
<h2>Gold Not God-Like</h2>
The good old<a href="https://www.cryptoknowmics.com/news/gold-bull-peter-schiff-believes-bitcoin-will-hit-3000-before-gold"> gold</a>, the mainstay safe haven during times of trouble first showed promise in these turbulent times, but then under the cosh, failed to live up to its billing. Initially, for the first five-session, Spot gold prices rose and touched a 7-year high, but then it spiralled down and now is in the doldrums along with the traditional market.<a href="http://www.GoldSeek.com/" target="self">
<img class="aligncenter" src="http://www.chartseeker.com/images/AU-5Dy-SM.png" alt="Click here to visit GoldSeek.com!" width="386" /></a>The cryptocurrency space is exclusive as it is reclusive and doesn’t get battered when the stock market is shattered. Its decentralized nature saves itself from the influence of an enigmatic entity and aids in sparing it the blushes when the economical chips are down. However, even cryptocurrencies couldn’t keep itself eluded this time and has been crumbling for the last one week, currently at 8,613.51, after just recently reaching its this year’s zenith of $10,489.78. Although Bitcoin always has been volatile and too grizzly to bear, the interesting development lies when we take a few new factors into account.

Firstly, whenever the fiat market flounder, Bitcoin not only remains unflustered but even experience a price hike, sometimes by leaps and bounds. Secondly, whenever there is an outbreak that is overwhelming, such as the coronavirus, it usually influences bitcoin in a monumental way. However, this week was an exception as when the market fell, bitcoin, quite preposterously, went hand in hand with it. All in all, if the $6 Billion stock market loss sounds ghastly, the $14 billion cryptocurrency loss should be considered equally intimidating and bloodcurdling.
<h2>Bitcoin To save The Day or Continue to Fizz Out Along With Fiat?</h2>
We are used to Bitcoin’s volatile nature, and although the new development of it is following the same wavelength as the traditional market, it should be noted that more often than not Bitcoin has stepped up when it has been needed as a safe haven.

Crypto space big gun, Cardano’s Charles Hoskinson is pushing the narrative on Twitter, repping Cryptocurrencies to come out all guns blazing after the chaos calms down. He claims that if coronavirus continues to land blows on the economy, the stock market will continue to suffer and government won’t be able to pull them out of the mud, which eventually would convert crypto as the best hedge available, adding further credibility to Bitcoin’s fanatics claims that bitcoin is the safe haven for the future.

Also, a few elements should be noted that bitcoin’s halving is just around the corner, and the added exiguity could potentially lead to an exponential increase in its price.

Global Economies Cripple, as Coronavirus Catastrophe Looms Large

Coronavirus has wreaked havoc across many countries, as the stock market, gold and almost all assets are on a continuous decline.

Zain 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.

Global Economies Cripple, as Coronavirus Catastrophe Looms Large

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