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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Top Analyst Explains Why Bitcoin Price is Up 78% amid Coronavirus Outbreak

Yashu Gola
Yashu Gola
1 year ago
2 mins read
bitcoin, cryptocurrency, btc usd

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Bitcoin resumed its roller-coaster rally even as the worsening Coronovirus pandemic discouraged investors from holding risky assets.

The benchmark cryptocurrency jumped 29.11 percent in the last 24 hours, hitting a new weekly high of $6,900 on Coinbase. The move uphill came after last week’s erratic sell-off that crashed bitcoin from $7,969 to as low as $3,858. Nevertheless, a renewed buying interest near the session lows helped the price rebound, eventually taking it up by 78 percent by this Friday.

bitcoin, cryptocurrency, btc usd
BTC/USD jumps buy up to 78 percent | Source: TradingView.com

But the scale of bitcoin’s jump remained incalculable to many. The cryptocurrency last week threatened to move further down below the local bottom as investors’ appetite for cash boomed. Its rise, therefore, came as a surprise given the poor health of the global economy.

Negative Rates

Dan Tapiero, the co-founder of US-based investment management firm, DCAP Holdings, attempted to explain the price rally. The macro investor credited negative interest rates for pumping bitcoin, explaining that people now need to pay the US government for keeping their money with them.

Central banks have intervened lately to control the economic slowdown caused by the spread of Coronavirus. The US Federal Reserve, European Central Bank, and Bank of England introduced stimulus packages, varying from swap lines to purchasing hundreds of billions of dollars in treasuries and lending rate cuts.

“Negative interest rates have arrived in the US – 6-month T-bill at -2bps,” Mr. Tapiero noted. “[It] means you need to PAY US govt for 6mo cash deposit. Rates to go much more negative to weaken the dollar. This is confiscation and it is bad but it needed for now to stabilize the system.”

[It is] mega-bullish for Bitcoin,” he added.

This is a complete joke. The European banking stock index, SX7E, is -50% in the past month, and still -90% from 2007 peak. European policy has been a complete failure. Try something more dynamic? Remove limits. Action instead of words. You are the reason #Bitcoin will succeed. https://t.co/eYJYbRxI7G

— Dan Tapiero (@DTAPCAP) March 19, 2020

Deep Bitcoin Pullback

Bitcoin’s jump closely followed similar upside moves in the financial market. The latest central banks’ action helped global stocks, oil, bonds, and gold recover, but thinktanks feared that these markets have not bottomed-out yet.

Chris Turner, global head of markets at ING, told FT that market outlook remains uncertain with a clear bias to the downside, taking cues from the unknown extent to which Coronavirus pandemic can spread. The virus has infected more than 200,000 people across the world and has killed about 10,000 others.

The uncertainty has left bitcoin in a similar situation. Teddy Cleps, a prominent crypto trader and analyst, said Friday that buying cryptocurrencies is not people’s priority during a pandemic, adding that bitcoin could fall despite logging attractive gains.

https://twitter.com/TeddyCleps/status/1240933924471296001

 

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Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

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Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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