Fundstrat & eToro analysts predict the coronavirus crisis will strengthen Bitcoin

7 times the legendary price movement of Bitcoin

What has driven the price action of Bitcoin recently? Or perhaps more important than who? And why is that a matter of concern?

David Grider - Leading digital strategist at Fundstrat and Simon Peters - Platinum account manager at eToro, discussed Bitcoin's next move, how the corona virus and the financial crisis can impact. affect the halving event, and how Bitcoin's fundamentals will impact the coin's long-term prospects.

Who is behind the recent volatility of Bitcoin price?

Bitcoin has experienced some incredible fluctuations in the past two weeks between the coronavirus pandemic and the global financial crisis. A report by Chainalysis shows that traders and professional investors are often the ones who control the recent large price movements, though only moving about 5% of the total supply of Bitcoin.

However, David does not seem to agree with this view. He argues that traditional players and institutional investors are not the only ones who can control the market with high volume transactions:

“I think you probably saw the participation of a traditional fund class in 2016/2017, maybe an organization, to some extent but not very large, right. But before that, this was still a very small market and I think it is still largely dominated by large cryptocurrency whales. ”

How will the coronavirus crisis strengthen Bitcoin?

Since the beginning of March, Bitcoin has had a big correlation with movements in the stock market. Asked if the fall in the price of Bitcoin in the past two weeks was the result of professional players liquidating their positions, Simon nodded in agreement.

He went on to explain how purging weak players in the market will help Bitcoin grow into a hedge asset:

“We have seen this asset conversion to cash, no matter which market it is, but it will come a time, due to that increasing amount being pumped into the system, the cash will lose value. Then, when the number of people infected with the virus dropped, the question for investors was, 'What do I have to do with all the cash I have?' And then, they can look at the other assets - assets that can resist that, basically, cryptocurrencies could be one of the options. ”

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According to CoinTelegraph
Translated by ToiYeuBitcoin

Nguyen Diep

My name is Nguyen Manh Cuong. I was born in a poor village in Ba Vi district, HA NOI province - windy and sunny land. Currently

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