Data gathered by InsideBitcoins.com indicates that Bitcoin has been impacted by the ongoing Coronavirus pandemic. From the data, between Jan 22 and March 22, Bitcoin has dropped by 48%.
The global financial market hit by COVID-19
The crash in the cryptocurrency market is replicated in the traditional market due to the Covid-19 pandemic. According to the report:
“There are suggestions for governments to clock the market full until the pandemic ends. The same cannot happen for Bitcoin because cryptocurrencies are traded 24/7 all year round”
However, on withstanding the effects of COVID-19, Bitcoin (BTC) is the least affected compared to the S&P 500 (SPX) and Crude Oil (USOIL). On the YTY chart, Bitcoin decline is at -19.2% which is two times better than the S&P 500’s -34.3% while Crude Oil is at -64.57%.
During the period under review, despite the price of Bitcoin declining, the asset showed fluctuations even attaining 2020’s all-time high of $10,334 on February 12. A month later the asset hit its lowest mark of the year at $4,987 on March 16.
The fluctuations have reflected major events around the COVID-19 pandemic. For example, when the World Health Organization declared Coronavirus a pandemic, the assets plunged to $5,760.
The last two weeks have seen Bitcoin plunge by almost 50% for recovering by nearly 80%. Notably, the last two weeks have seen increased Coronavirus infections and deaths. Currently, infections stand at over 300, 000 with almost 15,000 deaths globally.