In the enjoyment of Chinese New Year Coronavirus brings eclipse on the lunar year. How do you think that these two events influence the bitcoin market? Is there any link to it? However, volatility doesn’t require any explanation. One incident and price up or down.
Bitcoin price volatility will never be removed, I guess. The story started in 2009 and still, bitcoin comes to the top of the cryptocurrency lists. Holding a value of around $9,000 at the time of writing the next cryptocurrency is never close to touching that range. The price of the second position holds for Maker cryptocurrency with a value of approximately 500 dollars. So it’s clear when it comes to price that nothing could beat the oldest and most reliable cryptocurrency in the world.
Nevertheless, there are also delicate features in the growing cryptocurrency world. Every news or event that is always volatile in price could have a direct or indirect impact on bitcoin prices. Predictive behaviour is extremely critical, but vital.
Almost two consecutive events show that global events influence the Bitcoin market. This gives both a positive and negative overview of the price of bitcoin. Chinese New Year is still meant to bring down bitcoin’s value this year, but it seems different this year.
Three days of holidays didn’t go as everyone had expected for Bitcoin. While over-the-counter trading is completely closed and people are willing to cash out for the holiday season, the price is going to fall. For one day, January 25, Bitcoin’s price hovered around $8,300. But the forecast didn’t go wrong, the price dropped from 24th to 25th January about $200.
A miracle happened when the price was expected to drop further as the rise began on 26 January and now hit the amount of $9,000. The post lunar New Year’s Eve brings good news to bitcoin investors and holders. It’s refracting a lot of aspects with the quality. Despite prices rising large in volume, market capitalization has impacted the $165 billion dollar rows.
Okay, apart from the good news from the cryptocurrency sector, China is now facing a serious health emergency for the virus. One of the deadly viruses has travelled to the core of China, causing more than 6000 affected people. After the New Year holiday, the lethal virus had an effect not only on the safety of the Chinese people but also on the economic condition of the region. The lethal Corona Virus is playing a deadly game with Chinese people. It has not ended yet, it is growing through different counties, and WHO is trying to control the infection.
According to a recent government survey, China has reported 132 deaths worldwide for CoronaVirus. This virus has a huge effect on the cryptocurrency sector. As for battling the Chinese virus, opt to prolong the lunar holiday. It assisted the Chinese National Health Commission and the WHO (world health organisation) to monitor the spread of the virus. Now the break will be until February 2nd instead of January 30th.
As the exchange will be shut down for more days, the price of Bitcoin is expected to lose its quality when it resumes. The price is now that strong as it circles near $9,300 at the time of writing.
The main fact that coronavirus is discussed in the article on cryptocurrencies must have a valid reason. The explanation for this is very rational and understandable. About 50% of the bitcoin mining platform is from China. And after the Chinese President’s global declaration, the Chinese people not only concentrated on mining but also on spending. Over the years, China has developed a concrete framework for the Bitcoin market.
Due to health conditions and death around the country, the miner stops working to keep them safe and help people. As a consequence of the holiday extension, the market may remain closed and the job will remain halted due to this cause, the bitcoin price may fell and it will be abrupt. Now the bitcoin is rising too high, and no one can assume when it will suddenly fall? It could be a sudden market crash or just getting ready for the February march.
Okay, while the world is trying to battle the Huobi Global coronavirus, the crypto community has come out to aid infected people from China and around the globe. Huobi’s announcement of $10 million for treatment is a wise step. Not only does the cryptography industry derive benefits from the crisis, but it also supports more than it can.
Bitcoin’s price is still a mirage, whether it goes up after or down after these incidents, but for now, we will concentrate on and handle the Chinese virus. It is clear that it will affect the price of Bitcoin, but how uncertain yet. Stay safe and pray for Chinese until then.
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