Deadly Corona Virus Good for Crypto Markets
The two words that are on everyone’s lips now are Corona Virus, and it has also indirectly affected the crypto market. The epidemic has caused China to extend the Chinese New Year holidays to February 9, which in return would delay deliveries of crypto miners. According to Coindesk, customers of MicroBT, Bitmain and Canaan have been informed that orders placed on the application-specific integrated circuits (ASICs) will be delayed due to the extended holiday.
The pandemic behind the Corona virus seems to also be affecting Bitcoin positively with prices gaining 35% in January, and hovering above the 200-days moving average, around the $9,400 mark. Bitcoin and gold have both shown increase in price as people are starting to look at Bitcoin as another alternative safe-haven option, like gold has always been. Other cryptocurrencies markets are also enjoying bullish runs with Ethereum (ETH) and Ripple (XRP) closing into the range of its previous three-month peak of around $184 and $0.23.
Image Source: TradingView
However, it’s not all roses and sunshine as there aren’t much research backing Corona Virus causing Bitcoin price gains. In fact, according to the Independent UK, similar assumptions were made during the growing US – Iran tension early this month as well as the trade war between US and China August last year.
It is believed that events in the cryptocurrency markets itself are causing the price gains such as pro-crypto regulations being announced and claims of China creating its own cryptocurrency.
Regardless, the Corona Virus epidemic has rattled some of the Asian markets which could be encouraging investors to turn to other safe-haven options such as cryptocurrency. How long will this affect the market is yet to be seen, but there are always opportunities to make a favourable trade, up or down on VHCEx Contracts.
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