With the<a href="https://www.cryptoknowmics.com/crypto/coronavirus-outbreak-postpones-trons-2020-summit/"> Coronavirus</a> fears intensifying, the global stock markets have seen large declines in this week. The fact is that the assets that are considered to be safe havens have also taken a dip, so the point is where is all the money going?
<h2>Crypto Markets Declined 14% Since Monday</h2>
Since Monday, the<a href="https://www.cryptoknowmics.com/crypto/global-crypto-market-cap-breaks-300b-for-the-first-time-in-six-month/"> global crypto market</a> has seen a decline of 14%, which is equal to $40 billion. However, it is not unusual for the cryptocurrency market, which stays volatile.

From the starting of the year, the crypto market had surged up to 62%, which indicated that the correction was well delayed.

After plunging through several critical levels in a few weeks, Bitcoin has led the drop. Another low of $8,430 was seen yesterday after which it also returned to resistance at $8,700, which is the final outcome.

Stock markets are also suffering lows this week with Asian markets registering the biggest decline. It was the first time since October 2008 when global stock markets have suffered the worst weekly drop.

Tom Lee, the founder of Fundstrat Global Advisors and crypto bull, noted that such declines are not normal at all and the current situation of the global market is indicating the need for change.

Nothing is going well presently, with Dow shedding more than 3,600 points in a week, silver declining 10% and even Gold that plunged with a couple of per cent.
<h2>There Are No Real Safe Havens</h2>
<blockquote class="twitter-tweet">
Where's money going?
It's clear money's going into US10Y bonds (Blue).
Money was going into Gold until recently (Black).
Bitcoin (Orange) continues to be dragged down with stocks (Green) at this point.
BUT, the stage is set for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> to do it's own thing this weekend. <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://t.co/pZzgh225lK">pic.twitter.com/pZzgh225lK</a>

— Alex Saunders (@AlexSaundersAU) <a href="https://twitter.com/AlexSaundersAU/status/1233493679802847232?ref_src=twsrc%5Etfw">February 28, 2020</a></blockquote>
It was since 2013 that<a href="https://www.cryptoknowmics.com/crypto/will-bitcoin-follow-the-high-gold-prices-due-to-corona-outbreak/"> Gold</a> had its largest intraday plunge in terms of prices. Silver has declined 10% in just a week. According to Bloomberg, Silver suffered the double whammy of concerns as per industrial demand and appeared to lose its position to other safe-haven assets.

According to some charts, the money is going into the US ten year bonds. However, some other reports display that even the US Treasury bond has hit a record low this week.

From the present situation, it would not be wrong to say that there are no real safe havens at the time of major economic diversity but the cold hard cash.

Global Financial Market Under Turmoil, Can Bitcoin Become The Savior?

This week has been witness to some of the largest declines, including safe-haven assets such as Gold in global stock markets as Coronavirus fears intensify.

Javeria is into the crypto world ever since she heard about it and is pursuing her interest through cryptoknowmics. She is a sensational poet, technical writer and content strategist. Not to mention that she can go crazy when it comes to vampires and Wonder woman.

Global Financial Market Under Turmoil, Can Bitcoin Become The Savior?

Top Picks