Once companies across the United States reopen, traders will weigh Bitcoin's future price movements.
Like most countries in the world, the United States has closed most non-essential businesses and ordered citizens to stay at home to curb the spread of new coronary pneumonia. When the US government agency reopens the country, the price of bitcoin may be affected.
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Twitter crypto trader BigCheds told Cointelegraph in a direct message on April 15: "Once U.S. companies open, the key to BTC is the broader stock market reaction, because Bitcoin has been related to the stock market recently.
BigCheds added: "Bitcoin will continue to trade in its own wider channels, but recently we must remember the correlation between Bitcoin and stocks." He refers to the price fluctuation of Bitcoin and the general market activity. relationship.
Trump evaluates plans to reopen the country
According to Fox News reports on April 15, President Trump said in his most recent speech: "The plan to reopen the country is close to being finalized." Trump added: "This day will be very close." The situation is different and may be reopened before May 1.
Bitcoin and the mainstream market have suffered severely in the past few weeks, but have recovered in recent days.
CryptoWendyO, a cryptocurrency trader and influencer, said she expects the economy will not recover immediately after the company reopens. She hasn't seen people return directly to the workflow.
She told Cointelegraph in an email on April 15: "This will be a waiting game, because both large and small businesses will analyze the current market and decide how to resume business." "It also depends on local laws and the country Laws because they must operate in accordance with the law. "
Bitcoin may depend on work and corresponding income
CryptoWendyO said that the future development of Bitcoin depends on the global economic situation when the company reopens. She said: "I think many people do not trust their governments and banks, which leads them to explore and understand bitcoin."
"However, if people have no income and work, we will enter another economic recession similar to that of 2008. Bitcoin prices may maintain their current value because there will definitely be buyers to create demand."
As an asset born after the financial crisis in 2008, Bitcoin is in some unknown territory. Sometimes, the price of such assets fluctuates independently of traditional markets, but sometimes correlations appear. As Bitcoin is expected to halve in 2020, it may happen in less than a month, and only time will tell us what Bitcoin will be in the future.
Original link: https://cointelegraph.cn.com/news/how-will-bitcoin-s-price-react-when-us-businesses-reopen
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