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Bitcoin Rallies On Gaining Appeal As Safe Haven Amid Corona Virus Scare


While all of the assets are losing their sheen as investors turn risk averse amid corona virus spread, the one that has remained immune is Bitcoin. In fact on January 28, 2020, the digital currency has scaled higher to levels last seen in early November. It recorded levels of $9142.80 while other digital assets also rallied in trade.

Bitcoin Rallies On Gaining Appeal As Safe Haven Amid Corona Virus Scare

Bloomberg Galaxy Crypto Index jumped to a 2-month high level and gained to the tune of 1.7%.

In the past week, the bitcoin performed poorly in the run up to Lunar New Year celebrations and there remained expectations that trading in the asset shall remain weak.

The attributes suggested for the rally has been that bitcoin amid corona virus spread has once again gained the status as a safe haven. In a note on Monday, Nomura Securities said that the US 5-year securities have been the most negative since April' 2017 which acts as a major bullish catalyst for gold as well as bitcoin.

Bitcoin has also been highly volatile with its movement being parabolic, touching levels of $19000 in December 2017 and then again falling over the course of the next year. In 2019 too, it started almost above $3000 and ending the year at $7158.

Story first published: Tuesday, January 28, 2020, 14:36 [IST]
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