Bitcoin being the king of cryptocurrencies is maintaining its position over the top with the highest price and market cap. Bitcoin is showing, somewhat, a bullish behavior since the start of 2020. The Coronavirus outbreak affected the whole business world as the target of the virus is China, the economic place for world business. The stock markets, overall, become the target but the Bitcoin is showing a different trend, an uptrend.
BTC is up since the start of 2020
Bitcoin is up according to the data of the past three months-comprised of 8 weeks. On Nov.4, bitcoin gained the figure of $9,400. On Jan.29, it marked the figure of $9,402 means the low level of the previous three months is covered up.
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The digital gold has shown a remarkable performance from the beginning of 2020. On Jan.1, the value was clinging at $7,200. The price value is 30% increased since then and now, standing above $9,000.
Coronavirus Outbreak and Bitcoin
The new virus, named as Novel Coronavirus, has threatened the Chines citizens and has been spread badly in China’s province-Wuhan. The analysts are proclaiming a negative effect of the virus on the world business: the more virus spreads, the more it will be bad for the stock markets.
The Apple company is announced to limit the employee travel to China and also closed the one retail store in the targeted city. Tim Cook, the CEO of Apple, said during a call with investors:
‘’We have closed one of our retail stores and a number of channel partners have also closed their storefronts.’’
During a panic situation-such as coronavirus-analysts are proposing a negative correlation between bitcoin and stocks means both are reacting opposite. However, some are negating the hypothesis. For example, a prominent economist and crypto analyst, Alex Krüger, made out the point that the negative correlation between stocks and the Bitcoin is not meaningful.
19/ The bitcoin-stocks correlation also increases during panics. The correlation is moderately negative, but this value is just an estimate of the true correlation, and the estimate is highly uncertain => that correlation is *not* meaningful. pic.twitter.com/FJ4bgsLNZi
— Alex Krüger (@krugermacro) January 28, 2020