Bitcoin Lingers Above $7,300 – Massive Economic Shock And Huge Volatility In The Crypto Market Are Expected
2020 will probably remain in history books as an essential milestone for humanity.
Following the coronavirus pandemic, a lot of things will change, and some of them will probably never be the same again.
The financial industry is definitely going to see some unprecedented changes and these have begun to happen before the pandemic.
The financial sector is switching to newer, more modern, more convenient, and smoother financial instruments.
Amidst the global crisis, interest in the crypto industry is on the rise, and more people started to see in Bitcoin and the digital assets a safe haven.
The crypto market is looking good today, with the most important coin trading in the green.
At the moment of writing this article, BTC is priced at $7,348.20.
Bitcoin whale expects more pain ahead – massive volatility
An important Bitcoin whale who earned $20 million in profits on Bitfinex between February and March said he expects more pain ahead for the whole global economy.
The whale goes by the name Joe007 predicts waves of massive volatility.
Governments are propping up traditional markets, and they are doing their best to combat job loss.
It is going to be the biggest economic shock of our generation. It will unfold in waves and over time, giving false hopes and then crushing them. The focus of the crisis will be shifting through different areas. Attempts to alleviate and solve one crisis will lead to more mess.
— J⁷ ≣ 🐳 (@J0E007) April 3, 2020
He expects more and more investors to continue shifting assets to US dollars – a dynamic that has already hit equities and the crypto markets back in March.
“Unless something changes dramatically, I expect flight to USD liquidity fully play out first, with appropriate consequences for BTC price (and crypto in general),” the same whale said according to the latest notes coming from the online publication the Daily Hodl.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.