Bitcoin Regains 70% as Dow Jones faces worst Q1 Ever Recorded

Author: Sohrab Khawas

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    As the global stock markets make history for the worst quarter performance, Bitcoin is closing the week with a significant gain. Unprecedented Whitehouse predictions are showing a significant effect on the stock market. Almost all the major stocks indices finished the week significantly immersed in the red zone. Bitcoin broke the negative trends and rallied on Friday enabling a 70% gain since the recent market crash.

    This week, the Dow Jones recorded its worst performance in history. The major US stocks market index lost at least 23% since the beginning of the year, the largest first-quarter decline in 124 years of it’s listing history. The Dow Jones started the week fairly well but a recent prediction by the White House regarding expected casualties from the COVID-19 pandemic shedded off all of the gains. The White House predicted that between 100,000 to 200,000 people would die from the coronavirus pandemic predicting the worst period to occur around mid-April.

    BTC price Analysis

    On the other hand, Bitcoin gained more than $500 during the week pushing the Cryptocurrency to reach $7,088. In the last 24 hours alone Bitcoin recorded again by at least $300. However as the stocks market closes, Bitcoin bears overtook the bulls pushing down prices to the current $6,800.

    In mid-March, as the coronavirus crisis took center stage, Bitcoin declined from $9,000 to just $4,200. The recent gains although it might not be sustainable in the long run indicated that Bitcoin managed to restore at least 70 percent of it’s lost values.

    Meanwhile, the Bitcoin Futures market also restored trading on Friday. According to a capital market analyst, trades volumes at the world’s largest Bitcoin Futures exchange CXME reached $347 million.

    The direction Bitcoin will take in the coming weeks is still unknown. The Cryptocurrency could continue following the trends within the traditional stocks market or take its own paths independent of events within the global stocks market.

    Meanwhile, the Whitehouse still continues with its rhetoric predicting the upcoming issues surrounding the COVID 19 crisis. US President Donald Trump recently said Americans will face the most painful two weeks. The announcement caused several US manufacturers to cease operation and stocks further declined. It would be good for Cryptocurrency traders if Bitcoin doesn’t follow the stock market and takes its own way.

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