Coronavirus outbreak has caused the global financial markets to plunge to historic lows. Even bitcoin failed to prove its status of the safe-haven when it dropped below $4,000 last week in a sudden major sell-off. The price of bitcoin is now up 14% in the last 24 hours.
Bitcoin rises over 14% in the last 24-hours.
The price of the leading cryptocurrency bitcoin is up 14% in the last 24 hours and is trading at $5,852. Currently, the price is at a six-day high. The rally might give bitcoin a positive momentum that it needs to go above the $6,600 mark. The fall in the price of bitcoin last week coincided with the crash in stock markets all over the world. Dow Jones witnessed the worst fall since 1987.
ECB announces a 750 billion euros stimulus to revive the economy.
The European Central Bank announced a stimulus package of 750 billion euros to counter the financial impact of the coronavirus outbreak. The US Federal Reserve also announced similar stimulus packages to revive stock markets in the country. Bitcoin might be looking to cross above the $6,600 mark in the short term as fiat currencies weaken in the coming time.