Medically referred to as COVID 19, Corona Virus is one deadly disease that broke out this year in China. While strict measures were taken to prevent the spread of this virus, all proved abortive as it has traveled to almost every part of the world. The spread of this deadly virus has affected several aspects of life, for example, a number of organizations have closed down. Also, right now it is almost impossible to travel to parts of the world where the virus has not spread to. Surprisingly, football games in Italy and in other parts of the world have been stopped. This goes to show how deep the Corona Virus has affected several parts of the world.
While Bitcoin and other cryptocurrencies are digital and cannot be seen, real-life events tend to affect them greatly as reports have shown. Unknown to most people, COVID 19 has affected the price of Bitcoin.
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Just a couple of days ago, it was reported that Stock has experienced a significant fall in price and this simply because of the panic that investors have.With the spread of this deadly virus, most investors have had to sell off or stop themselves from investing anymore as they do not know what might happen the next day. Aside from Stocks, the price of Bitcoin has also been affected by the spread of this deadly virus. About three days ago, Bitcoin experienced an unprecedented fall in price. According to stats and data, it was a 10.8% fall in price.
According to most experts and the CEO of HedgeTrade, during the first week of the outbreak of this deadly virus, Bitcoin like the digital asset it is was unmoved by this but as this virus began to spread to other parts of the world, panic set in and investors and traders began to look for alternatives to get their funds back. Walsen further revealed that the last couple of days have had a great effect on the value of this crypto.
With the virus still on the wake, there are reports of a potential recession if a cure to this virus is not found immediately. While speaking at an event, Janet Yellen, the Former Chairman of the Federal Reserve told the audience that if something is not done to combat the spread of this deadly virus, that there would be significant effect in the economy of Europe and in the world as well.
While we have discussed the effect the outbreak and spread of this deadly virus have had on the Stock as well as the crypto market, you will find it interesting to know that amidst all this, Bitcoin has experienced a slight increase in price just a couple of hours ago. This is proof that while other assets may be affected greatly by deadly viruses like the COVID 19, Bitcoin and other cryptocurrencies have the potential to rise and this is because of their many features.