That's because people are trusting Fiat for their daily needs than anything else. Everyone is cashing out not only Bitcoin, but other assets/commodities like Gold and Silver too. In desperate times, people will use what's widely accepted in the mainstream world. The pandemic has turned out to be more beneficial to Fiat (sort of) than Bitcoin itself. Rest assured that this is only the beginning of a long journey filled with desperation and uncertainty. The longer the outbreak takes to disappear, the more people will be inclined into using Bitcoin for their own benefit. I guess that they haven't noticed its true benefits relative to Fiat yet. The time will come when the world's banking system will collapse, triggering a boost in crypto adoption in the mainstream world.

Personally, I wouldn't worry much about Bitcoin's price on the market since it was designed to be independent from Fiat. No matter what its price will be in the future, Bitcoin will continue to work as intended. I prefer to make payments in the most decentralized and censorship-resistant way possible, than having to rely on Bitcoin as an investment. The pioneer cryptocurrency still has its use cases for the mainstream world, despite being relatively slow in transaction processing times and somewhat expensive in fees. As long as there are many nodes and a large PoW hashrate backing the entire network, there should be nothing to worry about. What matters here is that Bitcoin is truly unstoppable and free from the likes of central banks and governments worldwide. They may try to do whatever they want to try to stop it. But it's too late, considering how big Bitcoin has become in the mainstream world.

Nonetheless, the smart money will choose Bitcoin above anything else while "weak hands" will be getting out of the game soon. Since most people are into Bitcoin for making money than believing in its core technology, it's probable that we'll see decreased demand for it until the pandemic ends. True believers of the cryptocurrency will stick on to it no matter what happens in the mainstream world. Let's hope to see the light at the end of the tunnel. Just my thoughts