HOW CORONA VIRUS POSITIVELY AFFECT BITCOIN
As the spread of coronavirus keeps growing,the Chinese economy keeps going down with dozens of tourist and business enthusiasts boycotting travelling to china.
This is negatively affecting the chinese economy but positively impacting hugely in the cryptocurrency world,helping bitcoins and other cryprocurrencies grow immensely during this coronavirus epidemic.
The fear of corona virus is the reason most Chinese are exchanging there money into bitcoins and other cryptocurrencies so as to relocate to another country,or move to there villages where the case of the virus is rare or never existed.
HOW CORONAVIRUS IS AFFECTING CHINA ECONOMY AND SHUTTING THEM FROM THE WORLD
The increase in the spread of corona virus as made many businesses/companies boycott the chinese economy,China’s isolation amid the coronavirus outbreak, a rare freeze out for such a vital economic center, is rippling across the world.
Uncertainty over the virus—which has infected more than 17,000 people— has disrupted world-wide trade and supply chains, depressed asset prices, and forced multinational businesses to make hard decisions with limited information.
The U.S., and governments in Europe and Asia are enforcing new regulations to block visitors from China and screen returning U.S. citizens, while major airlines suspended flights to the country and companies pulled out expatriate executives.
HOW CORONA VIRUS DETERMINE THE DEMAND/SUPPLY OF BITCOINS
Considering china population of over 1.5 billion people,this led to the increase in demand of bitcoins and other cryptocurrencies.
And as we all know the higher the demand the higher the price which gave birth to the increase in price of bitcoins and other cryptocurrencies.
Most people especially cryptocurrecy analyst dont want to agree to the fact that corona virus epidemic as increased the demand of cryptocurrncy,making bitcoin grow on a scale of 27%,ethereum 31.9%,bitcoin cash 97.1% within december 2019 to january 2020.