Bitcoin faced another drop in its price a while ago. This is not surprising as the crypto-currrency has been gradually falling in price over the past few days. At the start of February bitcoin could be bought well over $10,000 but now it has hardly gotten past $6,500 in price and at the current time of writing this article bitcoin was $6,087 in price.
Asian and European stock markets have had a bad trading day following the spread of the corona-virus. The U.S are making matters worse as they have taken extra measures to prevent further spread of the virus, including travel restrictions from Europe to the U.S.
In view of the present economic status crypto traders are uncertain if bitcoin will suffer further drop in value. This has led to today’s crypto asset selloff. Obviously, you don’t want to keep trading positions in risky assets when it’s unclear whether the economy can recover from the corona-virus. It seems that the entire crypto market is being affected by this epidemic.
With bitcoin going down alot of people are skeptical of the crypto-currencies future. Major bitcoin critic Peter Schiff had something to say on twitter.
As bitcoin crashes below 7K hodlers going down with the ship can no longer take comfort in Bitcoin still being up for the year. As the air continues to come out of this bubble, the faithful will always be able to point to a past date from which the price of Bitcoin is still up”.
A series of sell orders just hit the crypto-currency market likely due to the World Health Organization (WHO) declaring the COVID-19 a global pandemic.
Is This The End Of Bitcoin?
Well we don’t know for sure but seeing that the corona-virus epidemic is one of the major reasons why bitcoin has dropped in price it might take sometime before the crypto-currency will see any real boost this year.
Bitcoin is certainly not a safe haven investment anymore. Speaking on that, Peter Schiff told Daniela Cambone in an interview with kitco news
We’ve now answered the question that really wasn’t a question in my mind, but there was a debate going on as to whether or not bitcoin was a safe haven, a store of value, an asset that people would flock to in times of trouble and financial turbulence.
The answer is, no, it’s not a safe haven asset. It is a very risky asset. The price of bitcoin has collapsed by more than the stock market during the last several weeks and in fact, it’s not even a non-correlated asset.
See what analyst Michael van de Poppe said about the new bitcoin price.
Whether the price of bitcoin will increase or decrease, only time will tell or we’ll just leave that for the speculators to detertime.
One thing’s for sure. The corona-virus epidemic has really taken a toll on the crypto-currencies’ value.0
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