Bitcoin Surpasses $9,000 As The Coronavirus Triggers Panic All Over The World
Bitcoin is up by more than 4.3%, and digital assets are all trading in the green today.
At the moment of writing this article, BTC is trading in the green as well and the most important coin in the market is priced at $9,011.35.
This important surge comes after a few days of a natural correction which followed another significant surge in prices.
US Equities start the week with a sell-off
US Equities started the week with a massive sell-off. All the three major indices are in the red amidst the fear of the coronavirus outbreak, according to the latest reports.
It’s been revealed by the online publication the Daily Hodl that “The Dow Jones industrial average has plunged 400 points. The Nasdaq Composite dropped 1.8% and the S&P 500 has slumped 1.4%.”
The coronavirus death toll reached more than 80 people and there are five confirmed cases in the US.
The same online publication mentioned above notes that the virus has now infected more than 2,800 people with confirmed cases in several countries including the US, Australia, Thailand, Japan, Malaysia, Singapore, France, South Korea, and Canada.
"Every single time we see something like this happen where regular markets are down on some fear… and bitcoin goes up, it adds merit to the idea that's what bitcoin does." – @nlw
— BLOCKTV (@BLOCKTVnews) January 27, 2020
In an email to Yahoo Finance, Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, says the following:
“Investors are selling first and asking questions later. The Chinese economy – and possibly the world economy – will take a hit in the short run and lower prices are a rational response to the increasing spread of the coronavirus.”
Bitcoin tests $9,000 and it’s poised to move even higher
This is not the first time this year when BTC surges above $9,000.
Not too long ago, we revealed that the very first level of target resistance on bitcoin prices is seen near the October highs at 10,350.
Prices have formed a bull flag continuation pattern. This is a technical analysis pattern where prices breakout and then consolidate.
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.