In the global recession, nothing is safe. When economic activity is at its lowest point, people are in desperate need of money. In this state, it is not surprising that the price of Bitcoin has fallen.
In fact, if there is Bitcoin, many people will sell it. This is to be expected. Bitcoin's value will inevitably fall like stocks. Bitcoin's market is not absolutely independent of what is happening in the world. This is obvious.
But Bitcoin will not go bankrupt, it will not happen. The company may go bankrupt, and even the country may fall into a debt crisis. But Bitcoin will not reach that state. Bitcoin will eventually rebound
why?
I wouldn't disagree! We are in the middle of a pandemic and the world economy is suffering. Job losses are everywhere and people are living on government's income support scheme. We are seeing a nightmare still in many countries. Crypto is not completely secluded from the earthly matters, so it got affected as well.
However, we have actually seen a great bull run from bitcoin and other few chosen altcoins during this pandemic as well. When the price of bitcoin reached to 60k, we all expected a correction. Now look at the market, it is increasing again.
These are part of daily crypto market. Every dip is an opportunity.