Coronavirus News Asia

Bitcoin is climbing once again

Bitcoin is once again climbing, making gains alongside broader markets – with the price up 12% over the last week and powering into the second quarter, wrote Billy Bambrough in an article for Forbes. 

The bitcoin price is up almost 6% over the last 24-hour trading period, outperforming almost all major indexes despite stocks across Europe following Asia slightly higher. 

Bitcoin, cryptocurrency, and equity markets have all climbed as investors around the world cheered early signs lockdowns in counties around the world are beginning to slow the spread of the coronavirus Covid-19. 

The bitcoin price has again crossed the $7,000 per bitcoin level, climbing to $7,170 on the Luxembourg-based Bitstamp exchange – up about $1,000 on the same time seven days ago. 

Ahead of the coronavirus crisis, bitcoin investors were upbeat at the beginning of the year, a survey of high-level bitcoin and cryptocurrency exchange users showed last month, with most expecting the bitcoin price to soar to over $20,000 per bitcoin in 2020.

Across Europe markets added between 2% and 4% by midday after major Asian markets finished the day up by around 3%. 

“[Bitcoin and cryptocurrency] purchases follow the signs of improving sentiment in the stock markets,” said Alex Kuptsikevich, senior financial analyst at the FxPro. 

“As soon as risk assets start to attract demand actively, institutional investors may also increase their positions in the cryptocurrency.”

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