Bitcoin increased in 24 hour
Bitcoin price rose during Thursday's trading to continue the upward trend after a short period of correction to record the world's most widespread cryptocurrency to a new record in 2020.
Despite these record levels of bitcoin, bitcoin continued to dominate the cryptocurrency market as many digital currencies posted significant gains.
Bitcoin rose against the dollar, trading at $ 9667. To rise 6% in the last 24 hours and 2% since the start of the day; the price of bitcoin has increased by 15% in the past two weeks from $ 8,565 to $ 9,800.
Bitcoin price hikes and Corona virus spread
The recent gains in the cryptocurrency to continue trading in green, which continued for most of the past year 2019, are natural rises, unlike what some analysts associate with the spread of the Corona virus. (Some have argued that Bitcoin is a safe haven asset.)
So is there a relationship between the rise in Bitcoin and the spread of the Corona virus?
While many attribute this rise to the outbreak of the Corona virus, this argument is elusive. Many analysts stated that traders and investors moved to Bitcoin as a hedge against the wider financial market due to concerns about a virus.
Concerns about the Corona virus caused the Chinese stock market to decline and the economy to recede as major cities were put under close. In such a period, investors are unlikely to go to risky and volatile assets like Bitcoin on traditional safe havens.
The bitcoin price has not shown an inverse relationship with the stock market. While he showed similarity with the precious metal from time to time. But compared to traditional safe-haven assets such as gold and bonds, bitcoin is still generally regarded as a store of value and a medium of exchange, not a suitable safe haven.
But the truth is, otherwise Bitcoin trading tends to move independently of the financial market and the safe market. Price movements are often affected by data on the minerals or statements issued by the legislative bodies of countries affecting the Bitcoin movement such as China and Russia and the United States, or news of electronic penetrations, set up on one of the specialized trading exchanges in cryptocurrencies.
Bitcoin increased by 6% in 24 hours
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Oleh
MEROUANE ATIK
