Bitcoin Price Shrugs Despite Worst Markets Correction Since 2008

Since the start of the week Bitcoin (BTC) price has dropped more than $38 billion as traditional markets also fell by more than 10%. As reported throughout mainstream media, this week’s collapse of the largest equities markets is the worst correction since the 2008 meltdown and more than $3.8 trillion in value was erased as daily news of the Coronavirus spreading throughout the world dominated headlines.

Investors are now wondering if the rally which propelled Bitcoin price from $6,400 to $10,500 is over and as the end of the month approaches, Bitcoin is on course to record a monthly loss in February for the first time in 6 years. 

On Friday Bitcoin price appeared to be on the second day of finding stability in the $8,500 to $8,750 zone, whereas traditional markets continued to fall. The freefall amongst altcoins also appears to have stopped and Chainlink (LINK), Huobi Token (HT), Tezos (XTZ) being standout performers. 

Crypto market daily price chart. Source: Coin360

At the time…