Bitcoin beats market turmoil to rise 17%

Bitcoin made a smart comeback on March 17 to rise more than 17 percent, a day after the world’s largest cryptocurrency slipped below its crucial support of $5,000 following last week’s gruelling crash.

The digital currency was quoting $5,292.62, up 16.29 percent at the time of writing this copy.

The volatility in bitcoin prices can be attributed to the global sell-off in the financial market due to the coronavirus outbreak.

The novel coronavirus, which first emerged in the Chinese city of Wuhan in late 2019, has now spread to 152 countries and territories, killing more than 7,100 people and leaving hundreds of thousands in quarantine.

The highly infectious disease is spreading rapidly in Europe and the United States, forcing shut down of offices, schools, cafes, cinema halls, malls– basically upending normal life.

India is also seeing a steady rise in cases. So far, it has reported three deaths and 126 confirmed cases.

The outbreak, called a pandemic by WHO, has…