It's odd to see something like this happening today since Bitcoin is a decentralized cryptocurrency. This should make it "immune" from real-world events whatsoever.
Yes Bitcoin is a decentralized cryptocurrency but it's price is still base on the technical and fundamental analysis and right now, the fundamentals already affected it. We saw the price decline of it few days ago.
Bitcoin's latest decline in price has shown us that the cryptocurrency is still linked to mainstream events. It's probably because Bitcoin is often traded on centralized exchanges than decentralized ones. As long as it stays that way, Bitcoin will never be able to become a "safe-haven" asset in times of turmoil. Or am I wrong?
It is and it will never be a safe haven asset. We saw already that Bitcoin is also affected with the current events right now. Bitcoin isn't a safe haven because we saw how it moves already. It went from $9k to below $5k in just a few days so how will it be a safe haven. If there is a safe haven asset, I think gold would be the one.
The COVID-19 has spread worldwide and it has created mass hysteria to most of the investors right now forcing them to sell some of their assets at a loss. This virus will just stop affecting the market if the mainstream media will stop hyping it.