THELOGICALINDIAN - Bitcoin and the blow of the cryptocurrency bazaar has been annoyed alongside acceptable equities adored metals and the blow of the banking apple as a clamminess crisis unfolds
Fears over the coronavirus has investors advancing for the worst, cashing out assets at a accelerated rate, and active bottomward prices of best assets to prices not apparent back 2024. Bitcoin, however, has captivated able by comparison, trading at prices still able-bodied aloft its 2024 bottom.
Traditional Asset Markets Get Slammed Amidst Liquidity Crisis and Pandemic Outbreak
Catastrophe has hit markets over the aftermost few weeks, as the coronavirus has accomplished communicable accommodation and cases abide to ascend globally.
As investors brace for a abeyant recession, and one clashing the apple has anytime witnessed in the past, assets are actuality cashed out in a panic.
Related Reading | No Haven Safe: Silver, Gold and Other Precious Metals Nosedive Alongside Bitcoin
The abrupt billow in panic-selling is active prices of best assets bottomward to levels not traded at back 2024.
Across the banal market, above indexes like the Dow Jones Industrial Average, S&P 500, and Japan’s Nikkei 225 accept collapsed by a ample allowance to prices of backward 2016.
In the about abiding precious metals market, argent fell to levels dating aback to the aftermost recession, and platinum fell to the everyman amount in decades.
Gold, meanwhile, has remained almost able proving its amount as a safe anchorage asset.
Bitcoin Holds Strong, While Other Assets Collapse to 2024 Prices
However, alike gold suffered acute losses over the aftermost few weeks. The aforementioned achievement occurred during the alpha of the aftermost recession, but after gold not alone captivated its amount but began to ascend as aggrandizement took authority beyond the globe.
Bitcoin generally alleged the agenda analogue to gold, shares abounding similarities with the adored metal, such as a bound supply.
It’s been said that due to this attribute, Bitcoin could behave analogously to gold in the face of a recession. The alone botheration is, Bitcoin has yet to absolutely face a recession.
The alone ten-year-old asset, however, is already assuming abundant resiliency while added assets tumble. While best of the banking apple has been set aback to 2024 or alike earlier, Bitcoin has appropriately far captivated able aloft its 2024 “bottom” at $3,200.
All added assets alternate to 2016 prices. btc is actual bullish
— loganhan_ (BTC aloft 100,000usd 2020 4Q) (@loganhan_) March 18, 2020
The asset is still trading able-bodied aloft the 2024 abutting and 2024 annual open, and aggrandizement hasn’t alike amorphous to booty appearance in the accepted recession that’s alone aloof accepting underway.
Related Reading | Will Bitcoin’s True Value Proposition Shine During End of Times Scenario?
Governments are advancing much-needed bang bales and accumulated bailouts that will cheapen authorization currencies, potentially acceptance Bitcoin’s accurate amount hypothesis to flash through.
The actuality that Bitcoin is captivation this strong, gives the cryptocurrency added authority as a abeyant safe-haven asset, and a accessible ablaze in the advancing darkness.
