Covid-19 keeps the world in suspense
The reports of new corona cases do not stop. Now the WHO declares the virus a pandemic. Several governments declare an emergency, the situation is precarious. But there is also hope: in Wuhan the number of new cases is gradually declining. The virus first appeared in the Chinese city last year. We take a look at what is happening.
The figures for the corona virus
Over 125,000 confirmed cases, 4596 deaths and 121 affected states. A glance at these statistics shows the extent of Covid-19, events with over 1000 visits are cancelled in many places and the economy suffers from the necessary measures. In Germany alone, 1830 people have been infected with the virus to date, 3 have died as a result and 25 people are considered to have recovered.
WHO with concerns
The WHO is “deeply concerned” about the current development. The decision to declare Covid-19 a pandemic is linked to the drastic development of the past two weeks. As a result, the World Health Organization now classifies the coronavirus as a worldwide outbreak of a new disease.
Traditional markets continue to suffer
The consequences of the pandemic are noticeably dramatic for traditional markets. On Monday, the DAX lost all of its gains from 2019 and continues to fall towards the south today. After “Black Monday”, most traditional markets suffered massive price losses and an end to the crisis is not in sight. The corona virus is also hitting the crypto market.
BTC and Co.
It would have been a surprise if the Bitcoin was able to isolate itself from the traditional markets. In the past, the number one crypto currency has been compared to the precious metal several times, but the current crisis shows that the BTC is far from being a crisis-proof “store of value”. When the traditional markets collapsed on Monday, Bitcoin followed with a price slide of a whopping 10%. Many old coins were hit even harder. The high volatility strengthened the downtrend once again. On Tuesday, there was much to be said for a small correction, but this assumption turned out to be false.
Bitcoin price on Wednesday
Bitcoin has fallen by 1.14% in the past 24 hours and is currently trading at USD 7860. The daily volume has fallen by over USD 5 billion and the total market capitalization is approaching the USD 200 billion mark. Investor interest is currently turning away from crypto space. The headlines around the coronavirus and the tangible economic crisis are in focus. That is why the bears continue to dictate the pace.
Altcoins with losses
It is a sad March for alternative assets. Ethereum slides to a price of USD 192 and Ripple struggles to reach the USD 0.20 mark. Chainlink (- 8 %) and Tezos (- 7 %) are paying tribute to the price jumps of the past weeks. Most of the coins are looking at a negative chartiste on Wednesday.
Is it getting worse?
The Bitcoin Halving Event, Ethereum 2.0 and many other highlights could be lost in the shadow of the coronavirus. Admittedly, a very pessimistic but nevertheless realistic forecast. At the moment the focus is on fighting the pandemic. After that, it remains to be seen how the economy will react. Nobody has a crystal ball this time either.