If businesses keep closing and the stock market keeps sinking, I'm pretty sure bitcoin (and the entire altcoin market) is in for more pain, and it's not going to end until this viral outbreak gets under control. These things tend to burn themselves out naturally, just like seasonal flu and other respiratory infections, but who knows when that's going to be--and right now everybody is panicked and cash is king.
But another panic? I'd say the drop from $10k to $5k was the main panic drop, though I'm not confident that bitcoin couldn't fall even more. It sucks to see the markets like this, but there's not much anyone can do except to take advantage of the lower prices.
But another panic? I'd say the drop from $10k to $5k was the main panic drop, though I'm not confident that bitcoin couldn't fall even more. It sucks to see the markets like this, but there's not much anyone can do except to take advantage of the lower prices.
Negative economic news comes out every day. Many enterprises are shutting down, people are losing revenue - the situation is terrible even considering the actions of governments launching support programs. In such circumstances, the price of bitcoin, which is still above $ 6,000, looks amazing to me. I am sure that it will fall soon. And it seems to me that a lot of people think this way and hold short positions on the exchanges, so the next drop may become panic again.
