Bitcoin Struggles To Get Back To $10k While Fiat Currency Gets Sterilized In China – Coronavirus Cash Quarantine
After a week in which we’ve witnessed a strong rally for the price of Bitcoin and altcoins, a correction came to the crypto market.
Most significant analysts said that there’s nothing to worry about because this is just a natural correction following a longer period of surge in prices.
The worldwide fear regarding the spread of the coronavirus has been said to be one of the catalysts for BTC’s surge in price.
Fiat money gets sterilized in China
It’s been reported that Fan Yifei the deputy governor of the People’s Bank Of China revealed at a press conference on Saturday that China is quarantining old bank notes in order to contain the spread of the coronavirus.
Yifei said that money in the worst affected areas would be sanitized with heat and ultraviolet rays and quarantined for two weeks before they’re distributed again, according to the latest reports coming from the online publication the Daily Hodl.
Money in less risky areas will also be locked up but only for a week.
He added that commercial lenders were asked to quarantine cash from hospitals and food markets as well.
In an effort to reduce further spread of the virus, China’s central bank is funneling 600 billion yuan ($85.9 billion) in new cash for Hubei.
This is the center of the epidemic, and the provincial capital, Wuhan, gets 4 billion yuan ($572 million) new bank notes.
China's central bank has allocated 4 billion yuan (572 million U.S. dollars) in new banknotes to #Wuhan for #COVID19 epidemic prevention and control units, said People's Bank of China on Saturday pic.twitter.com/L5Ca8NFt4l
— People's Daily, China (@PDChina) February 15, 2020
Crypto enthusiasts took the opportunity to point out another reason for which paper money has to go.
For instance, someone commented: “need to do away with paper currency.. paper currency acts like #fomite .. transmits #virus and #bacteria.”
Other than this, the crypto market looks better today and Bitcoin seems to be moving upwards once again.
At the moment of writing this article, BTC is trading in the red and the most important coin in the market is priced at $9,798.71.
Optimistic price predictions about BTC keep coming despite the volatility in the crypto market.
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.