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?
An epidemic is very different from a pandemic. An epidemic only affects a certain community or region. It is a spread of disease among a larger population but is limited to the community only or like what I've said, the region they belong to. Meanwhile, a pandemic is an epidemic that is spread across different countries all over the globe. Pandemic is uncontrolled widespread and much dangerous to the health status because most people are vulnerable to it.
Indeed, the pandemic has brought a lot of challenges and struggles to the majority of us. The rich aren't even exempted from this narrative, only that they still managed far ahead compared to the commoners. With this being said, a lot of fields and industries have been negatively impacted by the unforeseen dangers a pandemic crisis may bring. A lot were unprepared, leading to an unstabilized nation of most countries. Inflation increased during the peak of the pandemic wherein lockdowns and stop of operations were imposed. While bitcoin and other cryptocurrencies are just affected a bit, we can't deny the pandemic has also caused trouble regarding its price and position in the market.
The dip happened before, but it is totally normal given that nature of cryptocurrency is volatile. The dips are always a great opportunity to buy anyway. The prices bounced back not long after the dip and the bitcoin's value even hit 60k dollars. Right now, its price is increasing, although there are some corrections and adjustments, bitcoin and other top crypto's price are currently thriving again.