BeInNews Academy Ltd © Street: Suite 1701 – 02A, 17/F, 625 King’s Road, North Point. Hong Kong.
The World Health Organization (WHO) Director-General Tedros Adhanom Ghebreyesus has observed the stock and coronavirus and concluded that there is much irrationality afoot.market responses to the
In a statement made during the King Salman Humanitarian Aid Center’s International Humanitarian Forum in Riyadh, the director cautioned investors, “Global markets…should calm down and try to see the reality. We need to continue to be rational.”
Meanwhile, global stock markets saw massive reductions last week, and analysts predict more of the same this week. Additional pressure on stocks and other assets could be caused by ‘Super Tuesday,’ as the Democratic party nominates its next candidate.
Bitcoin has, so far, responded in a similar way to stocks and other investments. Last week saw the price decline by nearly 20% on The majority of cryptocurrency assets, along with the entire global financial sector have taken a sizeable hit in the last... More fears, and the weekend moved the price to hover around $8,500.
This is a massive downturn for BTC after posting fresh 2020 highs during the two weeks previous. Such massive movements are not unusual for Bitcoin or cryptocurrencies in general but came as a surprise during a period that many would have considered a ‘buy’ season.
Analysts had thought that global scares like the new virus would push investors into Bitcoin instead of out. However, the intricacies of the digital currency’s substantial foothold in China likely played some role.
However, according to the WHO, while the virus is certainly something to be contained, the dramatic response is ‘irrational.’ In fact, Ghebreyesus was quick to rebuke the markets for going overboard in a panic.
The WHO will undoubtedly work toward full containment. However, the statement that the global markets had been irrational is very telling about how serious the virus truly is. Should the markets discover that the dangers are less than previously thought, buyers could rush back in.
In that case, the buying pressure for Bitcoin would likely return with a vengeance. The coin is approaching the much-anticipated third halving. In such a case, the current values would be considered remarkably cheap — a fact that should help investors consider their buy and sell choices more carefully.
Do you want to Be In Crypto?Join our Telegram Trading Group for FREE Trading Signals,a FREE Trading Course for Beginners and Advanced Tradersand a lot of fun! Images courtesy of Shutterstock, TradingView and Twitter.