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Home Cryptocurrency news Bitcoin

New COVID-19 Lockdown Proposal Poses Unique Threat to Bitcoin’s Ongoing Momentum

Tony Spilotro by Tony Spilotro
8 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
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A new and wildly unusual COVID-19 lockdown strategy proposal for slowly reopening the economy has many investors and financial analysts scratching their heads, and it could impact Bitcoin‘s recent bullish momentum.

Bitcoin And Other High-Risk Assets Like Stocks Remain Exposed to Another Collapse

Fear, uncertainty, and doubt. FUD is among the most commonly used terms in the crypto space, as those three powerful emotions have the potential to cause massive, panic-induced selloffs.

The fear of the novel coronavirus in early Q1 2020 and uncertainty over how it would impact the economy caused investors to doubt their investments and dumped holdings for cash in a catastrophic collapse and liquidity crisis.

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The selloff was so strong, the day is now referred to as Black Thursday.

During the selloff, the stock market tumbled, Bitcoin crashed over 50%, and even safe haven assets like gold fell from highs. Later on, as things got worse, oil prices fell into the negative for the first time in recorded history.

Related Reading | Stimulus Checked: Here’s The ROI on a $1,200 Investment in Top Crypto Assets 

But once stimulus checks started arriving, and lockdown measures began flattening the curve, the stock market began surging and Bitcoin has been on a steady, sustained upward trend.

Markets May Tumble If Unusual Rolling Lockdown Plan Leads To Fear And Uncertainty

Today, however, Bitcoin price began to crash, potentially on the heels of the latest news that an unusual economic reopening strategy has been revealed that may cause further uncertainty.

As was seen on Black Thursday, when investors are uncertain, doubtful, or fearful, high risk assets are the first to get dumped.

Gains seen in the stock market could be erased, and Bitcoin and cryptocurrencies could see another powerful collapse. The global economy is on thin ice and even the slightest setback could cause another major market crash.

The plan suggests a cycle of 50-days worth of mitigation measures in full force, followed by 30 days of more lax measures.

Related Reading | US Treasury Issues Stimulus Debit Cards Because They Failed to Launch a Cryptocurrency 

The strategy is said to reduce the reproductive rate of the virus.

While this could let the suppressed economy breathe and allow for a more sustainable solution to the abrupt change in everyday life, it could also cause such uncertainty that there’s no chance of an economic recovery at all.

And during the 30 days of the more lax policy, it could theoretically undo the previous 50 days of stricter measures only making matters worse.

The economy must reopen for things to get back to normal, but given the pandemic’s stronghold over the world, some sort of rolling lockdown may eventually be the new normal altogether. How this impacts Bitcoin is anyone’s guess, but the high risk asset could be in trouble as a result.

Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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