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Bitcoin and crypto not immune to Corona crisis

2020 has been an eventful year in all the wrong ways possible. The outbreak of the COVID-19 pandemic has been catastrophic for the economy and is likely to have a lasting impact for the rest of the year. The world of cryptocurrencies too has not been spared in the onslaught and showed no signs of immunity from what has been happening to traditional financial markets.

Bitcoin, the largest and most dominant cryptocurrency, faced extreme volatility in the past 7 days. While the king coin has been able to recover much of its losses, it is still trading at around 20 percent less value in comparison to its price before the March 12 crash. While many attribute an array of reasons for the price drop, growing uncertainty and panic may have added to Bitcoin’s already volatile nature.

According to data from BitPremier, the 30-day BTC/USD volatility has spiked from 3.3 percent to 10.48 percent. Altcoins are normally affected by this as their price tends to move in sync with Bitcoin. Read More...