Will Bitcoin Follow The High Gold Prices Due To Corona Outbreak

Shailesh  |  Feb 24, 2020

The corona outbreak has become a global pandemic which has resulted in the rise in the value of safe-haven assets like Gold and Silver have surged. The spread of COVID-19 from China has now started to hit nations all around the world.

The fear of this pandemic has come to an awareness, indicating a global emergency. Earlier today, Mati Greenspan, a crypto and financial analyst, tweeted.

Took a short position on the Nasdaq and long Gold before the weekend. Small money big leverage.

Corona Virus Causes A Significant Social And Economic Loss In China

Yesterday, the President of China noted that the virus outbreak had caused severe losses and significantly impacted the economy and society. The industrial output statistics of China for this month was due today. The slowdown of expenses and manufacturing production to control the approaches to reduce China's GDP growth from 6% to 2.5%.

As reported, the number of deaths due to the outbreak has surged to 2,442. As of yesterday, 76,936 infections were reported. As of now, Italy has reported more than 144 cases, while the USA and Iran reported 35 and 43 cases, respectively.

Can Bitcoin Also See The Surge In Its Price Like Gold

On the other hand, Bitcoins' demand as a safe-haven seemed to face a great deal of resistance at $10,000. During the weekend, the price of Bitcoin saw a bullish spree. However, the opinions turned bearish after the price fell at CME's opening, and Japan and China on Monday.

Despite that, since the 2020's beginning, the price movements of Bitcoin have followed the global issues on a large scale than before (First Outbreak of Coronavirus and US-Iran Tension). Moreover, gold seemed to lead the gains before Bitcoin, as global problems have had a significant impact on its price.

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