Governments and citizens across the world are in a state of panic as cases of coronavirus continue to rise. This has rocked global equity markets for the past few days and volatility has spiked to levels not seen since the last financial crisis. This shows that fear has gripped the traders and they are likely to sell everything at hand. Even gold sold off today.
Compared to other assets that have been around for centuries, cryptocurrencies are a new asset class that has not witnessed any major crisis. Hence, the traders are unsure about their performance. Therefore, we do not see a surge in Bitcoin (BTC) buying and given the current $2,000 drop, it will be interesting to see what price levels entice buyers.
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