Bitcoin was traded for around $8,300 last week, but its value is almost $1,000 higher today
Fear of coronavirus played its part, too.
Bitcoin seems to play similar role to gold. It represents “harbour” where investors store their financial means to protect them from bad moon on financial markets. Markets decline under influence of coronavirus and so investors try to minimize their loss by investing in gold or cryptocurrency.
Value of bitcoin increased in beginning of the week and helped forget about profit withdrawal in last week. Its increase was almost 5% percent during Monday and bitcoin is currently testing the psychological level of $9,000. Chances are that bull mood will remain on markets and price will increase. However, we will know more once investors start withdrawing profits.
Coronavirus epidemic may play its part, too. If it remains, bitcoin may keep increasing. In this particular example, saying “the worse, the better” can be implied.
