- As you can tell, the news is all about coronavirus today.
- Alex Kruger said that the recognition of coronavirus being a pandemic is the health organisation calling the space a bear market.
- Kruger is more than right as the Bitcoin price has plummeted to $6,217 over the last 24 hours.
As you can tell, the news is all about coronavirus today. This is because the world health organisation announced COVID-19 to be a pandemic yesterday. Now that the coronavirus is very deep inside the market, it continues to spread all across the world and the number of affected countries is growing at a rapid rate. It was very obvious from as late as a few months ago that the coronavirus also had its grip inside the crypto industry.
There are many measures made by governments on a global scale to help stem the spread of the virus however, nothing as of yet has significantly helped. Outside of China, Italy is seeing the worst of the virus with the city now in lockdown as of this week. With the governments unable to do anything to really help, the world seems to be going down a rabbit hole into a recession. The head of Capriole Investments, Charles Edwards has said that we should expect to see the leading cryptocurrency is at as low as $6400.
The coronavirus was played down quite significantly by the world health organisation over the last few months. However, as it has spread around the world at a very quick rate, they have had no choice but to declare is a pandemic.
According to crypto analyst Alex Kruger, this declaration of a pandemic is the equivalent of WHO calling it a bear market.
In terms of the cryptocurrency markets, one crypto analyst, Alex Krüger said that the official recognition of coronavirus being a pandemic is essentially the health organisation calling the crypto space a bear market.
In a tweet earlier this week, space has said the following:
This is similar to WHO finally calling it a bear market. https://t.co/pLoQ6FU0W7— Alex Krüger (@krugermacro) March 11, 2020
As it currently stands, Krüger is more than right as the Bitcoin Price has plummeted today to $6,217 following a 20.66% loss in value over the last 24 hours.