Coronavirus vs. Bitcoin: Analyst Says It Will Not Destroy Bitcoin

At a time when the state of all markets leaves much to be desired, an analyst @BTC_Macro argues that a coronavirus pandemic will not destroy bitcoins and crypto.

“Coronavirus won’t destroy crypto,” said Bitcoin Macro on Twitter.

According to him, the quick optimization of the decentralizing and distribution power of the blockchain, which provides leading digital assets, will not fall.

The analyst is optimistic about the capabilities of this technology and reassures panic traders after a sudden drop in prices for BTC and other cryptos.

According to information from CoinGape, the first cryptocurrency fell by 9%, which led to a decline in monthly losses to 29%.

At the time of publication March 28, 2020, BTC was trading at $ 6,200, compared with a weekly high of $ 6,700.

Despite everything that’s happening, @BTC_Macro’s optimism about digital assets is well-founded, because if you take into account reports over the past few weeks, you can find out that the number of bitcoin addresses has increased.

Based on a three-day moving average of new addresses over the past two weeks after the great fall of March 12, which will now remain in history as Black Thursday, the number of users has grown by 12%. This may indicate market confidence just 5 weeks before Bitcoin halving and can push prices up.

Moreover, based on GlassNode statistics, the number of traders with more than 1 Bitcoin in their crypto wallets has recently been at a record high. So, 797,073 wallets and users who accumulate savings is likely to increase consumer pressure and may raise prices in the coming days.

The number of digital wallets is also growing, which means network growth and trust, despite such negative aspects as price drops, which seriously affect the security of the crypto network.

Since Bitcoin Halving 2020 will reward miners with a halved reward, S2F proponents believe that the price of the first digital coin could double.

In general, such a jump in prices will probably become the way in which the cryptocurrency market can explain the decline in supply in the future. We will all be very interested to see how the BTC will work, as the coronavirus pandemic continues to spread.

Also, the situation with the printers of money from central banks, the Fed, and the expected hyperinflation due to free money could push retailers to look for alternatives.

Gold, which, in view of the current demand, is in difficulty, is a familiar option for the safe haven, but there is also Bitcoin, which in our time is called new gold. Its availability means that capital can flow and support a growing but promising subsector.

Based on the obvious data, we can say that you should not panic. There have been other big drops in the history of bitcoin, and after that, the coin again gained momentum as always. We will keep you informed of all updates. Stay tuned!