Coronavirus Outbreak Tests Bitcoin Safe Haven Status
However, Bitcoin has seen about 15% of its value wiped out since February 11, just as COVID-19 began spreading outside of China, raising questions as to whether it can be considered a safe haven or not.“Bitcoin has been uncorrelated to other asset classes,” said crypto analyst at Coinist Research, Luke Martin. “If stocks drop, this does not mean bitcoin has to pump. If gold prices climb, this does not mean bitcoin will rise with it every time.”
Class-Action Lawsuit Threatens Ripple’s Established Market
The negative correlation between the value of Bitcoin and the outbreak of the Coronavirus indicates that crypto speculators have returned to assessing BTC based on its own metrics, given that its value isn’t derived from the same indicators as fiat currencies, like interest rates and GDP. Instead, Bitcoin is driven purely by demand, which is why it often remains steady while other markets look fragile. Bitcoin’s current value is US$8,790.
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