Bitcoin Price Recovers from the Effects of COVID

Bitcoin price has risen to the level before falling. Today’s high, $7,641 according to data metrics site CoinMarketCap, was around the Bitcoin price just before the market crashed in mid-March. Current price is $7,588.78

If sustained, this suggests that Bitcoin has survived its worst global market crash in decades, in less than a month. Of course, the coronavirus crisis is far from over: it may not be the last, or worst, since Black Thursday.

Last month, Bitcoin, long championed as an asset that doesn’t track the regular market — did just that. Around March 12 it fell around $7,650 to its lowest price since March 2022, $4,107, according to data from CoinMarketCap. A few days before the fall, the Bitcoin price was around $9,100.

Bitcoin may have recovered as global markets and major economies started to emerge from the Lockdown

Goldman Sachs wrote last Monday that “The Fed and Congress have included the prospect of a complete economic collapse. Investors have been encouraged by the ‘do whatever it takes’ approach of the Fed.”

Good luck was seen last weekend, when the Bitcoin price was maintained throughout Saturday and Sunday. In the previous weeks, it fell at the close of the stock market.

Source from Decrypt.

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