Bitcoin (BTC) price, which declined sharply on March 12 and declined to $ 3,600 on March 13, started to rise on March 19 after it has hovered around $ 5,000 for the past few days. The leading crypto asset, which rose more than 20 percent during the day, thus provided the highest daily earnings recorded since October 2019.
The recent rise is thought to be due to China, which is struggling with the coronavirus outbreak, and positive news about the drug for the treatment of the virus. With this news, traditional markets have started to recover gradually.
The biggest cryptocurrency closely followed the chaos that started in the traditional market with the coronavirus epidemic being seen all over the world and the World Health Organization announced a pandemic. On March 19, Bitcoin bounced at a rather high rate, completely independent from traditional markets. According to the data of CoinMarketCap, the biggest cryptocurrency has risen more than 20 percent on March 19.
US President Donald Trump has announced that drug and vaccine efforts against coronavirus are ongoing. President Trump reported that the drug, Hydroxychloroquine, approved by the FDA, will be available to patients. This announcement by Trump caused the US stock markets to rise.
The cryptocurrency community is concerned that Bitcoin will face pressure again, as it has been in the past few weeks. However, the bulls seem to have taken control over Bitcoin so far, the largest cryptocurrency has begun to consolidate over $ 6,000. Starting in the early hours of March 19, Bitcoin’s movement independent of traditional markets continued throughout the day.
As the biggest reason for the recent sharp decline in Bitcoin, institutional investors are showing panic sales due to the epidemic. After the panic in the markets has passed, institutional investors are expected to return to the crypto market again, but it is too early to talk about it now. Because many analysts are waiting for a global recession because of the epidemic.
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