When will normality return? How long till global markets recover and bitcoin resumes the bull run it was teasing at before the coronavirus materialized? These are questions that all investors are pondering as the epidemic wreaks havok on gold, oil, stocks and – up until March 19 – on bitcoin itself. BTC is up 20% today, but there is still a long way to go before a full recovery is made. News.Bitcoin.com has asked several analysts when they believe this will occur.
Crypto Market Rallies Amid Corona Chaos
Crypto markets are back in the green on March 19, one week after bitcoin suffered its biggest one-day drop in seven years, tumbling over 50% to $3,700. “Bitcoin is uncorrelated [with traditional markets] over any time period other than 1-2 week “indiscriminate panic to cash” time,” noted Ryan Selkis.
“Full recovery when?” many are asking. It’s hard to say for sure, but a guess can be hazarded. Since the Second World War, global bear markets have tended to last an average of 13 months, although a sustainable comeback in 2020 will depend very much on countering the coronavirus. Some economists suspect that a rebound will occur during the summer, when warming temperatures will potentially weaken the virus, while others think the misery will persist for the remainder of the year.
Saga founder Ido Sadeh Man takes a measured view of where the global markets will go from here. “If you believe that the world as we know it ceases to exist any time soon, we can definitely expect an unprecedented rally in prices of crypto assets that are uncorrelated and independent of any existing financial infrastructures,” he told news.Bitcoin.com. “However, I am quite certain that the world is not about to end, and we can therefore expect people to look for diversification within known financial paradigms. This much is certain: as the world is changing, people are seeking stability above all.” He added: Read More...