RATE Group | Bitcoin is up more than 90% during coronavirus quarantine
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Bitcoin is up more than 90% during coronavirus quarantine

21 May Bitcoin is up more than 90% during coronavirus quarantine

Posted at 00:40h in Bitcoin News by

Bitcoin is faring very well during the pandemic, up 94% since March 16, when the U.S. first began widespread school closures and stay-at-home orders. During the same period, the Dow Jones Industrial Average is up 22% and the S&P 500 up 24%.

That’s a very different story for bitcoin than the end of February, when crypto fell precipitously, along with stocks, from negative headlines about coronavirus cases, before U.S. quarantine began.

And the surge can’t be attributed to the third bitcoin halving on May 11, an event every four years when the reward for mining bitcoins gets cut in half in order to limit the creation of new bitcoin. The price was already on a ride prior to the halving, up 80% between March 16 and May 11. Now it’s up just another 10% since the halving.

POLAND – 2020/05/04: In this photo illustration a Bitcoin cryptocurrency logo seen displayed on a smartphone. (Photo Illustration by Filip Radwanski/SOPA Images/LightRocket via Getty Images)

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