Bitcoin might be decoupling from traditional markets as it rallies above $6,800.

Bitcoin might be decoupling from traditional markets as the price of the leading cryptocurrency rallied above $6,800 and is up 2.17% in the last 24 hours

Bitcoin witnessed one of the worst days in its history since 2013, when the price dropped to as low as $3,600 last week. The slump in the price of the leading cryptocurrency coincided with the crash in the financial markets all over the world. However, bitcoin might be decoupling from traditional markets.

 

Bitcoin rallies above $6,800 amid the global pandemic

In the last 24-hours, the price of the bitcoin has risen over 21.5% and is trading above $6,800 at the time of writing. The decoupling of bitcoin from traditional markets is good news for the crypto industry, but bitcoin is still not in clear yet. Crypto analysts still believe that bitcoin might drop further before gaining further positive momentum. 

  

Can bitcoin act as “safe haven” for investors in the time of global pandemic? 

Over the last few weeks, bitcoin has not acted as a safe haven for investors as the financial markets continued to crash. However, as governments continue to announce stimulus packages to revive the economy, bitcoin is reacting positively. It would be interesting to observe how bitcoin reacts in the coming days as the novel coronavirus pandemic continues. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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