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.
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.
The fiat currency prices does not depend on GDP.Nothing depends on GDP.The gross domestic product is just a bunch of statistical data.You are wrong about interest rates.They could increase the demand for Bitcoin,in certain situations.In the current situation,the low interest rates won't cause an increase of the Bitcoin price,because the banks will face problems with their liquidity and the people and businesses will have way lower revenue,so they don't have any money aside,that they can use to buy Bitcoin.