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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Coronavirus Fear Shakes Up Markets, But Crypto Remains Unaffected

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
coronavirus crypto bitcoin ethereum

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The impact of COVID-19, better known as the coronavirus, has finally started to hit financial markets in a big way, but crypto has remained relatively stable for the normally volatile asset class.

It’s caused the stock market to tank, but safe-haven assets like gold to surge. But what might this mean for Bitcoin and the rest of the crypto market once volatility resumes?

Coronavirus Concerns More Damaging Than Virus Itself

COVID-19, or the coronavirus as its widely known, is having a dramatic effect on the entire globe, from the fear felt by everyday citizens knowing a possible pandemic is on the horizon, to causing financial markets to tumble.

The first signs that the virus could cause markets to crash, was following news that Apple couldn’t keep up with the supply of its flagship iPhone due to closure of production facilities due to the outbreak.

Related Reading | Coronavirus Proved Bitcoin is ‘Flight Asset of Choice’, Says CEO

Apple’s shares corrected by over 10%, causing the largest drop in over six months of growth.

But now that cases of the coronavirus are nearing 80,000 infected, with over 2,450 deaths, and more and more cases popping up outside of China, fears are only growing over the pandemic spiraling out of control.

Fears over the virus spreading and further impacting business operations and the global economy have caused the US stock market to tank.

The Dow Jones dropped by 2.8%, and the NASDAQ fell by 2.9%. Even Tesla, a stock that has gone parabolic in recent weeks, fell another 6.5% amid growing concerns.

Gold, however, the leading flight to safety investors turn to during economic turmoil, has been surging as a result of capital protection.

It takes Bitcoin’s entire crypto market cap to move gold just 3%, so the recent over 7% move suggests that over $350 billion in value entered the gold market over the last two weeks.

Bitcoin is seemingly not reacting to the coronavirus and market shakeup. Gold is ripping, equities are dumping. The bitcoin market never closes – it should have reacted already if it was a flight to safety. That said, it’s still a massive benefit if it remains uncorrelated.

— The Wolf Of All Streets (@scottmelker) February 24, 2020

Stock Market Tanks, Gold Surges, But What About Bitcoin and the Rest of Crypto?

Bitcoin is often considered the digital counterpart to physical gold, sharing many of the same attributes.

Crypto assets like Bitcoin are often designed to be deflationary and feature limited, fixed supplies, much like the previous metal itself does.

Related Reading | Okay Boomer: Millennials Prefer Bitcoin To Gold During Crisis 

However, unlike the stock markets that have been tanking and gold which has been skyrocketing, the crypto market has remained stagnant over the last week after spending all of 2020 surging thus far.

Bitcoin is up well over 50% year to date and other crypto assets like Ethereum are up more than double in the same timeframe.

Will they follow gold and surge further upward over coronavirus fears? Or will they follow the stock market and collapse as more investors derisk?

There’s a chance that crypto and Bitcoin simply does its own thing. According to data, there’s very little correlation between Bitcoin and other markets.

Chart shows prices of US tech stocks, US treasuries, gold and bitcoin during the current round of panic.

Three of these are strongly correlated during times of stress. The fourth does its own thing.

The chart illustrates how unreliable bitcoin correlations with risk assets are. pic.twitter.com/NDhvvBsnex

— Alex Krüger (@krugermacro) February 24, 2020

With the lack of correlation, and such a new, emerging asset class, it is not understood yet how Bitcoin and crypto will ultimately perform in a recession.

They were designed in the wake of a major recession, as a means to avoid them in the future. However, the technology may be too young at this time to serve this purpose.

Only time will tell the truth about what happens to Bitcoin and the rest of the crypto market as coronavirus concerns take hold of the world.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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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

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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