Bitcoin Price Forms ‘Golden Cross’ as China Panic Prints $170B

Bitcoin (BTC) will likely benefit from a sharp drop in Asian stock markets due to coronavirus, cryptocurrency analysts believe.

Cryptocurrency market daily overview. Source: Coin360

Stock markets begin “very volatile week”

Data from Coin360 and Cointelegraph Markets showed BTC/USD already making swift gains on Feb. 3, spiking to highs of $9,580 overnight before a slight correction to $9,380. 

At the same time, the Shanghai Composite Index, or SSE, opened down almost 8%, as fears over the economic impact of coronavirus continue to heighten. 

Authorities have fielded criticism for their handling of the outbreak, with China’s central bank injecting a huge lump sum of capital — 1.2 trillion yuan ($170.9 billion) — into the local market.

Bitcoin 1-day price chart. Source: Coin360

Bitcoin’s 24-hour gains remained flat at press time on Monday, but anticipation remains high on the back of monthly gains nearing 35%.

“A very volatile week has started for the equity markets,”…