Bloomberg released an analysis article today saying that the new crown virus pandemic casts a heavy shadow on the global economy, investors have sold high-risk assets, and financial market turmoil has severely damaged Bitcoin. March was the worst cryptocurrency ever One of the months. The defeat of Bitcoin negates the claim that Bitcoin was a safe haven during the turbulent times. With stocks and precious metals plummeting at rates not seen in decades, digital currencies have been forced to liquidate as people scramble to cash out all assets.
Oanda senior market analyst Craig Erlam said that Bitcoin is a highly speculative tool and therefore bears the brunt of this risk-averse market. If bitcoin is held as part of an investment portfolio, its proportion in the list of positions that are closed to cover margin calls or losses is also high. Quantum Economics founder Mati Greenspan said that the fluctuation is mainly because the history of digital tokens is not deep enough and the adoption rate is not stable, which has led to a lot of speculative activities. Bitcoin rose before the last halving (2016), and this experience has stimulated optimism among some cryptocurrency enthusiasts. They look forward to the halving of Bitcoin in May. Craig Erlam said that the turbulent market environment offers opportunities for Bitcoin, but it must prove its value in the current environment.