“DJ Coronavirus” Spoils Market Affecting Bitcoin

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Coronavirus, Bitcoin
Bitcoin

Bitcoin In a split-second glance

Firstly, it is a cryptocurrency which is a decentralized digital currency. And secondly, Bitcoin has no central bank or a single administrator and transaction is done from peer-peer. The peer-peer bitcoin network makes this kind of transaction possible. This process does not involve intermediaries.It currently has the highest rate in the world of cryptocurrencies. Bitcoin emerged in our modern era barely on 3rd January 2009 and it runs on Blockchain.

The fall

Bitcoin hit an exchange rate of $10,000 (USD) per coin around the 9th of February 2020. Besides, demands go low around this month of March and the cryptocurrency seems to be falling every now and then. This could be a bad news for investors to loose their money. And it may be a blessing in disguise for them as bitcoin drops this afternoon below $6,000(on March 12, 2020).

“DJ Coronavirus” spoils market affecting bitcoin

Despite a popular believe that Bitcoin is independent of economies, it continues to wring its head in stock exchanges. The sudden outbreak of ‘Ebola’s uncle’, Corona Virus affects the cryptocurrency. The President of the United States of America’s national address spawns the sudden fall as reported. In his address, President Donald Trump bans all flights from Europe for thirty(30) good days. This is purposely to prevent the rapid spread of the virus in the United States of America. Even though Trump made it clear that the restriction doesn’t apply to goods, it does still affect some market stock exchanges.

In the same vein, Chicago-based CME Group, which launched Bitcoin futures in the year 2017, expects to close its trading floor to prevent potential infections.

Are investments at risk as “DJ Coronavirus” spoils market affecting bitcoin?

As the disease continues to spread around, we should take note that it is only in its early stages. Therefore, the virus has found no cure. This can be a clear indicator that investing around this time may not be safe. On 4th March, the bank of England’s governor-designate Andrew Bailey said that those holding bitcoin should be prepared to loose their money. This he said, asserting that the currency has not caught on that much. He also added that making purchases around this time places no intrinsic value in the hands of investors.

This is how corona virus spawns the fall of bitcoin as it spreads around the globe. Do you think bitcoin will regain it’s value again? Should investors venture? Kindly leave a comment in the comments box below. Don’t forget to hit the bell on your screen to subscribe for more updates.

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