Traditional markets continue to post almost daily losses while Bitcoin price has been relatively range bound for the past week. At the risk of sounding repetitive, traders have to continue to focus on the events that are driving the various asset classes. The Coronavirus cases in Europe are not showing signs of flattening out and the number of cases in the US are surging at a rapid pace. This raises the uncertainty on how long and how much damage will this pandemic do before it is contained. As a result, the equity markets continue to be hammered down.
Due to strong measures like lockdowns, the economy will go through a slowdown. In order to support the economy, the United States Federal Reserve, central banks and governments continue to announce measures meant to boost investor sentiment. However, Morgan Creek Digital co-founder Anthony Pompliano said that this “is not sustainable long-term for a currency.”
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