Most people thought that after the virus outbreak, money would go into Bitcoins and other cryptocurrencies as Bitcoin is considered to be the only ‘’safe-haven’’ asset at the time of crisis. But Bitcoin collapsed by 15% after the virus outbreak, thereby defying people’s expectations.
But it did recovered from the crash, $3800 to above $6k, so how do you call that?
However, it is to be remembered that the value of Bitcoin is driven by demand and not on factors like interest rates and GDP than other fiat currencies depend on. Therefore, the prices of Bitcoin though showing volatility is most of the time, still remain steady when other markets fall.
Bitcoin could act as a 'safe haven', this is the first time that we have seen this pandemic, but you have to look at how crypto react to it. A lot of ups and down but it doesn't mean that it can't recover. Remember that we still have the halving in May.