- After trying to attempt $9000 at the start of this week, the leading cryptocurrency has sunk back.
- With the spread of coronavirus, many investors were forced to cut ties with riskier assets such as stocks.
After trying to attempt $9000 at the start of this week, the leading cryptocurrency has sunk back into its normal ways... With the spread of coronavirus, many investors were forced to cut ties with riskier assets such as stocks.
That doesn’t mean that bitcoin is free from risk though. It is well-known that the leading cryptocurrency is a risky investment, it’s always wise to do your research before putting your money into a digital asset. Even though it is considered a risky investment, the leading cryptocurrency is acting is similar to gold once again. The fear of the global pandemic seems to have revived the story of bitcoin being ‘digital gold’.
Just touching the $9000 mark on Monday, the cryptocurrency rallied up to $8.9k. It’s hard to see where bitcoin will go from here, as we all know how unpredictable the King coin is - especially during times of global unrest. Just this month, the United States/Iran situation caused the flagship currency to take off. There were several other digital assets that decided to run too at the start of this week including bitcoin SV, EOS and Cardano.
The virus has caused much unrest throughout the world and particularly in the east, where the disease is allegedly spreading from. The United States President, Donald Trump is supposedly in talks with China over the pandemic:
We are in very close communication with China concerning the virus. Very few cases reported in USA, but strongly on watch. We have offered China and President Xi any help that is necessary. Our experts are extraordinary!— Donald J. Trump (@realDonaldTrump) January 27, 2020
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!