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.
Sir, where you saw ''crypto market still remain steady'' ? Market already fall down and we saw it when COVID-19 attack in Chaina. Yes BTC is driven by demand but people not doing straggle for their life so that demand is zero at this moment. So market go down and i think it will take time 6 month to come back again.