Since the discovery of Coronavirus in China, we have experienced some bullish and bearish run with Bitcoin and some other coins. Many believe that the spread of the virus may lead to bull run which we witnessed as it leapt to $10,000+ and after few days, fell to around $8,000 and it's moving up slowly. Something crossed my mind as the market dances to whatsoever tune, is it normal for people or a situation to influence the price of cryptocurrency?
There have been certain people that will argue from Earth to hell that Blockchain technology isn't as decentralized as the papers have shown. They believe there are certain people who know how to manipulate the market. Well, I won't be surprised if this is true.
Stock market has crashed and oil producing countries are in panic over the widespread of this virus. Why then is Bitcoin currently enjoying a little bull run? Is the demand for the coin growing or there are people manipulating the market for gains? These are questions living free in my head. I have a small picture of this, many people are at home, schools are closed and the world is at alert. There are many people with fear of their legal tender (Fiat) being useless since they can trade with it due to current situation. Some of them have actually exploited the coins and are buying for panic sake. Is this a good thing for the Blockchain market? Will they dump when the virus goes away?
There are many more questions about this virus and it's impact on Blockchain market. The most important thing is for us to be safe there. Prevention is better than cure so make sure you wash your hands properly and avoid crowded places where there is high red-alert. Thank you for your time.