is crypto safe in corona

Coronavirus Is Now Pandemic- Is Crypto Safe?

Coronavirus is now pandemic, the World Health Organization or WHO classified it already. But, Is Crypto Safe In Corona? Actually, it is still uncertain. At the same time, Bitcoin trades slightly below $6,000. Many traders anticipate further downside as the Coronavirus pandemic continues to worsen in the United States and Europe. Many traders anticipate business can go worse in the US and UK due to the coronavirus pandemic continues. It is expected to recover after this pandemic situation over. 

is crypto safe in corona

                                                                   Source: Coin360

In this situation, if the investors feel the financial aid packages are sufficient enough to meet the needs of citizens and corporations. Then they can start to bargain shopping for stock. And that is slated o recover quickly once the COVID-19 pandemic runs down.

Is Crypto Safe In Corona

In this difficult situation, Bitcoin’s price dropped below the ascending trendline and 38.2% Fibonacci Retracement level on Sunday. Currently, the support zone from $5,900 to $5,800 is holding. But if the price falls below this point Bitcoin could revisit the $5,400 support.

is crypto safe in corona

                                                                   Source: TradingView

Since the Coronavirus outbreak, the Bitcoin price has closely followed the decline in traditional markets. At the same time, the S&P 500 and Dow futures are down 3.85% and 4% respectively. Actually, this drop came shortly after US lawmakers failed to agree on the specific details of a proposed $2 trillion Coronavirus economic stimulus package. Even, Altcoins also performed poorly over the weekend. Ether (ETH) is down 7.23%, Bitcoin Cash (BCH) has lost 8.88% and Tezos (XTZ) is down 10.58%. The overall cryptocurrency market cap now stands at $166.6 billion and Bitcoin’s dominance rate is 65%.

Source: More Monday Carnage? US Futures Plummet, Bitcoin Price Below $6K