In regards to NEWS about the COVID-19 AKA Coronavirus. We cannot deny the impact that it bring to financial markets, whether it's stocks or crypto. There were selloffs allover the place, one of indirect reasons is to liquidate for charity use or personal. In crypto markets, it's still indefinite but as things unfold, aftermath is what we are able to see.
https://cryptoiscoming.com/the-link-between-coronavirus-and-cryptocurrency/Many people claim that people will start turning to the cryptocurrency markets as the traditional financial markets go to a downtrend due to the coronavirus.
I wonder if this is going to be true. During the last days the cryptocurrency markets and the bitcoin price have dropped significantly during the last days which is not the correct movement according to the COVID19 claim.
We are considering the BTC as an asset class similar to gold including myself. So in that case, if the stock market crashes the money should flow into gold and BTC. But in reality, if we compare the past charts both BTC and S&P 500 have some major correlation in the price movements. As we know the global stock market is negative because of the COVID19 and it's affecting the crypto market as well and commodities like oil are also taking a big hit on it. This article is a bit old but has something to think about it
https://blog.bitmex.com/bitcoin-price-correlation-record-high-against-the-sp-500/Technically there's an undeniable correlation between BTC and S&P 500. And now we are seeing that a biological virus can turn into a finacial virus in a sense. But let's face it, the structural problems of the markets are not because of the Covid-19. Not at all. This is an old disease, that has made the economies very sick for years and now we are slowly seeing the outcomes. Now the traditional media tries to point to this virus as the cause but we all know it is all BS.
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