RATE Group | Bitcoin and the coronavirus: bulls vs bears
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Bitcoin and the coronavirus: bulls vs bears

14 Mar Bitcoin and the coronavirus: bulls vs bears

Posted at 21:59h in Bitcoin News by

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The coronavirus: cases are now above 120,000 worldwide, and the World Health Organization has officially determined it’s a pandemic. It’s torn families apart, tanked the global economy, and world leaders are calling it the biggest global crisis in decades. 

So, uh, how’s the coronavirus affecting crypto? Though some claim that Bitcoin doesn’t track regular markets—this week it… did. Just as global markets sharply dropped this week, on early Friday morning, the price of Bitcoin sunk to its lowest since March, 2019, valued at $4,106, according to metrics site CoinMarketCap. Like global markets, it’s recovered slightly, now valued at around $5,425.

So, are people getting rid of magic money so they can feed themselves under quarantine? Or will Bitcoin’s price pump back up as global markets decline, proving it to be a safe haven after all? We asked the crypto-experts, in the latest edition of Bulls vs Bears.

Bitcoin and the coronavirus: the bull case

Eric Wall, CIO at…

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