Quote from: bytebulls on Today at 08:35:25 AM

BTC fell from almost $8,000 to around $3,600 on some exchanges, all in a span of less than three days between March 11 and 13, placing its safe-haven status under question.

Bitcoin is not a safe-haven asset. No-one ever said it was. It certainly has the potential to be a safe-haven, but that's not the same thing at all.
Bitcoin at the moment is a highly speculative asset, and so at the first sign of global financial instability, it is natural that people take their money out of these speculative assets, which leads to dramatically increased sell pressure, which leads to the sudden price drop that you referenced.
The price drop is of little relevance as it was certainly to be expected and is a response to an external event. However the speed with which Bitcoin recovered much of the lost price is a welcome sign and suggests that fundamental confidence in Bitcoin remains strong.

Quote from: mk4 on Today at 10:25:36 AM

Quote from: bytebulls on Today at 08:35:25 AM

Additionally, the volatility and uncertainty surrounding traditional financial markets have failed to translate into a direct increase in demand for Bitcoin because the coronavirus-induced panic has seemingly highlighted the need for alternative monetary systems rather than push Bitcoin to the center of the global finance stage.

Think about this for a second, do we really expect the people be like: "oh damn, stocks are soo volatile right now. I should get into bitcoin."

Because the right move is to move to bitcoin, a more speculative and a vastly more volatile asset, right?

Exactly.