A recent poll shows that around 25% of the participants think that the Coronavirus will have a minimum impact on Bitcoin. This is despite the epidemic being hailed as the key trigger that saw Bitcoin gain over 30% in January. The 25% who think that the Coronavirus will now and in the near future not going to affect Bitcoin are thus far being proven right. Recent heightened fears over a global recession and tanking markets, Bitcoin, a safe haven asset has not been reacting.
Is Bitcoin A Safe Haven?
The U.S stock market spent Monday in red. In fact, as MSN reports, big tech stocks lost more than $200 billion in that single day. During this time, Gold soared. In recent days, the asset has reached a 7 year high. But what about Bitcoin?
Well, although we have seen Bitcoin soar when the stock market is tanking. This time has been different. Bitcoin is also in red. At the time of writing this, testing the $9,500 support.
On top of the market failure, there is an increased fear that a recession is imminent. In Asia, China, Japan, and India’s development have halted. All these countries were having economic worries and weaknesses coming into 2020 and now with the spread of the Coronavirus, growth is almost reaching a standstill.