BitcoinBitcoin (BTC) is now solidly trading above $9,000 once again, today reaching as high as $9,400 per coin. That’s roughly a 4 percent increase in just the last 24 hours.
What’s more, today’s surge marks a three-month high for the price of Bitcoin--the last time it was trading at this range was mid-November of last year.
The cryptocurrency started 2020 trading at around $7,000 per coin and experienced a boost in its price as political tensions between the United States and Iran escalated. That upward momentum stalled last weekend just as China celebrated the Lunar New Year.
Chinese New Year is historically associated with Bitcoin price drops, and 2020 was no exception. Bitcoin fell to just over $8,300 when it had been trading above $8,600 just four days prior.
But Bitcoin has shown signs of resilience as of late, withstanding the effects of global events like China’s coronavirus epidemic.
Why the coronavirus hasn't affected the price of Bitcoin
As the coronavirus outbreak in China continues to attract global attention, Bitcoin’s price has spiked $900, reaching $9,300 per coin today. At the same time, traditional stock markets reacted negatively and saw a mild drop among numerous reports about the infection. But is there really some kind of correlation between the price action and the situation in Wuhan? Crypto analyst and Quantum Economics founder Mati Greenspan says the two are clearly uncorrelated. “The markets have been overheating...
While China is home to much of the world’s Bitcoin mining activity, Bitcoin-related searches have dropped on the state-run Baidu as the country deals with the spread of the virus. Trading volumes have also tumbled on peer-to-peer marketplaces like LocalBitcoins in China. Nevertheless, the price of Bitcoin continues to climb.
The rest of the crypto market today has likewise experienced gains. Ethereum is up nearly 3 percent and trading for around $176 per coin, while Ethereum Classic and Cardano continue to impress with gains of 10 percent and 6 percent, respectively.
