Bitcoin Surges Back Above $9,000; No, Coronavirus Is Not ‘Good For Crypto’

Bitcoin has extended its gains overnight, soaring back above $9,000…

Source: Bloomberg

Breaking back above its 200DMA…

Source: Bloomberg

The rest of the crypto space is also accelerating higher…

Source: Bloomberg

Many have noted the recent resurgence is in line with the bid for bonds and gold as safe-haven assets since the Coronavirus spreads, but that is being downplayed broadly by the crypto community.

As CoinTelegraph’s William Suberg reports, a report by the Financial Times with the headline “Coronavirus is good for Bitcoin” came in for particular criticism. Notably, the report cited two random Twitter accounts dedicated to altcoin XRP as sources.

image courtesy of CoinTelegraph

As Cointelegraph reported, Bitcoin has long exhibited increasingly strong technical fundamentals, which preceded recent price moves. 

Vays: virus would “hurt” BTC in epidemic scenario

Discussing the impact of coronavirus, trader Tone Vays nonetheless stopped short of agreeing with the idea that the disease could perpetually fuel further gains. 

If it were to spread internationally, for example, panicked investors would likely reduce speculative activity, meaning less interest in non-traditional assets such as Bitcoin. 

On the latest episode of his Trading Bitcoin YouTube series, Vays told viewers:

“The coronavirus does bring some economic fear, so the fear that the coronavirus could start to spread is certainly helping the rise of Bitcoin versus hurting the rise of Bitcoin.”

Vays also noted that Bitcoin would need to stay above $9,000 for several days to cement its recent bullish gains.