Top Analyst Explains Why Bitcoin Price is Up 78% amid Coronavirus Outbreak

Bitcoin resumed its roller-coaster rally even as the worsening Coronovirus pandemic discouraged investors from holding risky assets.

The benchmark cryptocurrency jumped 29.11 percent in the last 24 hours, hitting a new weekly high of $6,900 on Coinbase. The move uphill came after last week’s erratic sell-off that crashed bitcoin from $7,969 to as low as $3,858. Nevertheless, a renewed buying interest near the session lows helped the price rebound, eventually taking it up by 78 percent by this Friday.

BTC/USD jumps buy up to 78 percent | Source: TradingView.com

But the scale of bitcoin’s jump remained incalculable to many. The cryptocurrency last week threatened to move further down below the local bottom as investors’ appetite for cash boomed. Its rise, therefore, came as a surprise given the poor health of the global economy.

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Dan Tapiero, the co-founder of US-based investment management firm, DCAP Holdings, attempted to explain the price rally. The macro investor…