How The Coronavirus Outbreak in China Can Affect Bitcoin 💊

Margo

Margo

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The spread of the new coronavirus in China has already led to a short-term panic in the financial markets. However, experts believe that cryptocurrencies can become beneficiaries of the epidemic.

For a week now, global news agencies have created panic among investors who are worried about the rapid spread of the coronavirus. Originated in the Chinese city of Wuhan, the disease is spreading throughout the whole world. As a result, many airlines were forced to cancel flights to China, and tourists pass through strict personal search at airports and border posts. Tourism industry, airlines, and related industries are being hit hardest by the outbreak.

How The Coronavirus Outbreak in China Can Affect Bitcoin 💊

According to the latest data, almost 8,000 coronavirus cases have been recorded (of which more than 98% in China) and 170 deaths. Isolated cases have been detected in many countries in Asia, North America, and Europe.

On Monday, prices of gold, silver, and bitcoin went up against falling stock markets. However, this trend has not taken hold yet, and in the following days, the markets are climbing up.

There’s a suggestion that Bitcoin was created as a response to the 2008 financial crisis which had serious consequences for the global economy. Over time, the cryptocurrency has been able to gain the interest of traditional investors, which began to consider Bitcoin as one of the hedging tools against geopolitical risks.

This was evident last year, during the escalation of the trade war between the United States and China. Then, the Bitcoin exchange rate has increased, as many investors believed that the crypto could protect their funds from financial market turmoil. It is noteworthy that this happened against the correction of stock indices.

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Melinvestor33

Melinvestor33

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The First Case of the Corona virus is already present in our country Philippines and i think this will be globally in coming weeks or months let's brace ourselves whatever will this pandemic will bring let's prepare and be ready!
 
Tom_the_Hyipster

Tom_the_Hyipster

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Holy shit, 2 new and firsts cases also in Italy, 2 chinese tourists in Rome
 
dragon4life

dragon4life

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Hi all, hope all are safe and taking this Corona Virus threat seriously. Currently here in India we are under lock-down till April 14.
 
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Margo

Margo

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Jun 15, 2018
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Hi all, hope all are safe and taking this Corona Virus threat seriously. Currently here in India we are under lock-down till April 14.
Quarantine helps to slow the spread of the coronavirus SARS-CoV-2 in order to reduce the peak of the outbreak to the level that is within public healthcare system's capabilities.
Stay at home and take good care of yourself! 🌷
 
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H

hacxx

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Apr 25, 2019
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After hit China and it hit Italy pretty bad there was a drop (a lot) on the bitcoin price.
 
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Melinvestor33

Melinvestor33

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We are also under lock down Philippines until April this virus affected so much online and offline businesses!
 
dragon4life

dragon4life

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The price of Bitcoin should drop to $5000 before it rises again to $8000. This is the right time to purchase Bitcoin or Stocks, etc. As the prices are low.
 
dragon4life

dragon4life

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Lock-down here in India extended to May 3 depending on the cases lock-down could be extended. Time for me to seriously think about working online. Take care everybody. Stay at home! (y)
 

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