Financial markets are shaking in some countries. However, Bitcoin is doing unusually well. Traditional markets sent him to the ground at the beginning of the pandemic, but now he has separated from them again and takes the profits that stock market indices can only dream of. Is Bitcoin getting its “unbound asset” title back?
Coronavirus: traditional markets went to their knees
Commodities market, financial markets based on FIAT or stocks. All assets face large losses. Bitcoin is not much better, but he manages to return regularly and quickly to the value of mining profitability. So just under $ 6,000.
Bitcoin was not at low levels for a long time. Interestingly, Bitcoin behaves just like gold in 2008 at the beginning of the last crisis. Thus, it first falls as investors are fleeing in large numbers to fixed and government-controlled currencies. Consequently, there is a certain phase of accumulation, followed by growth.
However, social network commentators cannot agree on what to do next with the cryptocurrency. For example, well-known commentator WIlly Woo thinks the cards are now in the hands of the miners. Their profit will decide where the price will go.