Author Topic: COVID-19 - The major reason for the current fall of Bitcoin  (Read 12 times)

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In this period of global pandemic,  the crypto world has taken various turns with respect to spred of the virus. But with an overall fall in price. A lot of individuals have clams that this fall is not as a result of the COVID-19 virus,  but it's so obvious that the Pandemic has a played a great role in this fall.

At the beginning of the year,  bitcoin has a worth of approximately  $9500, which is an optimal price compared to it's price today of
$6,647.47.  It can be concluded that Bitcoin has experienced a drastic fall and the Coronavirus is a major reason for it.

Following the fall in the US market stock which is equivalent to Its gain this year; thus erasing the gain, bitcoin has also taken thesame turn.

The major reason for this fall is fear. When fear enters the market,  it  creates panic and  people then to liquidate their money to a fiat funds that they can easily acess for their survival,  resulting to dumping and hence,  a fall in price.

What other reason do you think accounts for the fall of bitcoin at this point in time,
Want to hear your point Of view.