The Bitcoin market is currently seeing some new respite as it tries to rise again after crashing recently. Earlier, the world’s king coin traded over $6,600, well on its way to $7,000. The price was a significant jump of over 20% in less than a day.
The move puts some hope in the crypto market especially as the global coronavirus pandemic continues to spread. At the moment, Bitcoin has fallen back down and is trading just over $5,920.
Recently, most of the world’s financial markets crashed because of the coronavirus. In the early days of the market crash, Bitcoin was mostly spared. While the rest of the equities market bled, the crypto market remained largely untouched. However, things have changed drastically as the entire global financial market seems to be in a free fall.
The U.S. government is currently trying to help save its economy by any means possible. The Federal Reserve pumped an additional $365 billion in the last few days, pushing its balance sheet to $4.66 trillion. Not only is this a new all-time high, the increase is also the biggest since 2008 when a financial crisis rocked global markets.
As bullish as most people currently are for Bitcoin, there’s a chance that the near future will be bearish.