Bitcoin climbed to a fresh year moving sharply higher as the China stock market plummeted on its reopening after an extended lunar break. Investors are fearful the spreading coronavirus will weigh on China’s output in coming months with manufacturing, materials, and consumer goods companies among the hardest hit stocks.

Bitcoin, meanwhile, climbed to 2020 highs of $9,740—somehow advancing its reputation as a safe haven asset.With speculation that bitcoin is on track to break the $10,000 barrier following a sustained rally … [bitcoin] still sits around a healthy $9,777.

The ongoing upward trajectory of the price of bitcoin correlates to the spread of the coronavirus. Traders should expect bitcoin’s price to continue to rise until the coronavirus peaks. The more individual cases that are identified, the more countries around the world that are affected, and the greater the impact on traditional financial markets, the higher the price of bitcoin has jumped

Experts have suggested that bitcoin has a lot to gain as market confidence falls. As trust in global institutions and markets continues to deteriorate, we will see highly mobile digital assets like bitcoin explode in value. We have seen people buying almost anything with Bitcoins and some alt coins and the same goes for paying for services. A lot of investors have diversified their investment by investing in Bitcoins. A lot of investors have stormed into investing Bitcoins because of its compounding reputation as safe haven asset. I for a person invest my Bitcoins on platforms that are sure to make me earn passively. I invest with the Coinpaq(www.cojnpaq.tech), a mining and an investment company that can double the worth of your invested in three (3) days by capitalizing on the volatility of these digital currencies to generate profits.The great thing about Bitcoins is that whatever’s happening in the stocks doesn’t seem to be having any affect on the cryptomarket whatsoever. Crypto is neither acting like a safe haven in the face of the corona virus, nor is it selling off with the other risk assets. Rather, it remains completely uncorrelated.