Bitcoin is Down
As you can remember when the virus spread at the beginning BTC price sharply reaching $9,439 on January 28, 2019, and the markets follow the BTC as always many crypto markets rose up, that means coronavirus favor CryptoMarkets first,
But what makes Bitcoin price go down
As the spread continue people start to panic with the disease not Btc, thinking of many Negatives and some people exchange their Crypto to friendly fiat money so they can cover some emergency staff buys extra food, drinks, masks, etc, the simple view is that many sell result to cheapest sell which automatic kill the prices of an Assets.
It is true that the wide spread of the Coronavirus pandemic has become one of the contributing factor why the price of Bitcoin as well as the other cryptocurrencies went down recently because of the panic that gets along with the people because of this threat on the health care of the people. Many have decided to convert their cryptocurrencies into fiat despite of the good run the market have beem showing since the start of this year 2020, and the reason that I see is for them to provide their necessities that can only be purchased by fiat money to be able to survive and keep themselves safe from the spreading of this virus. Due to this cut down, the prices have fallen all of a sudden which is already not surprising because cryptocurrency is not just the one being affected by this virus but also the other sectors most specially the economic state of the world.