Financial Markets and Bitcoin (BTC) Kneeling Across Coronavirus

The price of the leading cryptocurrency has dropped to around $ 6,100 after trading between $ 6,450 and $ 6,850 for the past eight days. Similar to the downward movement in bitcoin price, it was seen in traditional markets and there were significant losses.

Bitcoin price has been quite volatile over the past few weeks as the leading cryptocurrency witnessed huge fluctuations. Bitcoin also reacted in accordance with world financial markets.

Bitcoin (BTC) is expected to continue falling in the coming days.

As COVID 19 continues to spread across the world, the impact on people’s lives is growing rapidly. The unemployment rate in the United States and Europe is increasing very rapidly. Dow closed with a loss of 915 points, while the S&P 500 retreated by 3.37% and Nasdaq fell by 3.79%. Financial markets around the world watched the decline and continued to depreciate despite the efforts of governments. The effect of global uncertainty on Bitcoin is also clearly visible, as it has reduced the price by about 8% in the past 24 hours.

Over 100,000 Positive COVID 19 Cases in the USA

The United States reported more than 100,000 positive COVID 19 cases and 1700 deaths in the country. The global pandemic has paused the world as the economy continues to collapse, and people continue to lose their jobs without hope on the horizon. The financial impact of this unprecedented global outbreak seems to be quite serious. Despite several incentive packages announced by governments, financial markets could not recover in the midst of the global epidemic.