RATE Group | Bitcoin Price: Why coronavirus fears are sending cryptocurrency soaring | World News
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Bitcoin Price: Why coronavirus fears are sending cryptocurrency soaring | World News

16 Feb Bitcoin Price: Why coronavirus fears are sending cryptocurrency soaring | World News

Posted at 10:17h in Cryptocurrency News by

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NEW DELHI: The novel coronavirus outbreak in China, now officially designated Covid-19, has disrupted lives across the world. Not only has the virus spread rapidly, infecting thousands, it also appears to be affecting the global economy. While the Chinese stock markets have tumbled, some investors are turning to gold and even bitcoin as safe havens.
BITCOIN SURGES AS VIRUS HITS GLOBAL ECONOMY

After a tumultuous few years that saw the value of bitcoin soar to $20,089 before crashing, the cryptocurrency has appeared to stabilise. But this month, price of one bitcoin crossed $10,000 for the first time since October 2019 in what appears to be a reaction
to the potential economic impact of the Wuhan coronavirus outbreak.

The cryptocurrency has spiked about 30% since the turn of the year. Bitcoin has become something of a safe haven at a time of global political and economic instability — the US-China trade war, Brexit, and now the virus. Though the virus is considered a factor in the…

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