The price of bitcoin gained over 15% in the last 24-hours. Financial markets all over the world continue to crash amid the global pandemic. Governments all over the world are announcing stimulus packages to revive the economy. USA lawmakers failed to pass the stimulus packages on Monday.
Is bitcoin decoupling from traditional markets?
The price of the bitcoin has surged above the $6,700 mark as financial markets continue to crash. However, the price of the cryptocurrency is still way lower than what it was at the beginning of the year. The surge in the price could be a signal of the bitcoin is now decoupling from the traditional markets.
Bitcoin could return to $5,000 in the coming days.
This month has been highly volatile for bitcoin as it witnessed massive swings in just a period of a short time. However, bitcoin is not out of the danger as several analysts believe cryptocurrency is yet to see the bottom, and the price could retrace back to or below $5,000 in the coming days. Global financial markets all over the world are crashing continuously in the midst of the global pandemic.