The stock market has been fluctuating quite a bit but Bitcoin has appeared to have made remarkable gains after initial drops earlier in March. At one point forecasters were reporting that Bitcoin was literally going to plummet below $3k. Thankfully for investors Bitcoin has regained its footing and is actually increasing in value despite all the turmoil, frustration and uneasiness regarding Coronavirus.
Here’s the tweet from Crypto Compare regarding the surge in activity, it’s quite mind boggling.
— CryptoCompare (@CryptoCompare) March 24, 2020
With this surge of activity it will be interesting to see how the price of Bitcoin responds. According to Cryptopolitan there has been an increase in buying. Saad B. Murtaza a writer for Cryptopolitan had the following to say regarding the market.
Although the crypto market has been going through a rough time, yet king of crypto managed to rise to 29.11 percent in the last 24 hours window and to set the latest weekly high of $6,900. Following the erratic sell-off last week and crashing from $7,969 to $3,858, Bitcoin has now started making its move uphill. A renewed interest in buying has supported the price rebound, ultimately increasing it up to 78 percent.
The next couple of weeks will be telling for not just Bitcoin but all financial markets. President Trump has recently hinted that he will be reviewing the “market” upon conclusion of the lockdown that he imposed. It appears that he’s currently contemplating loosening the restrictions for social distancing. If he does indeed loosen the mandates it will be interesting to see how the market responds.