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.
Some people may have thought that but it's the first time since the founding of bitcoin that this degree of viral pandemic have affected the world. Our predictions about economics probably didn't covered this situation. And as the price of USD is decreasing, the bitcoin too seems to be decreasing with it as almost everywhere it's now paired with USD.