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Coronavirus Outbreak Tests Bitcoin Safe Haven Status

Bitcoin

Bitcoin (BTC) has spent much of the last week in freefall, sinking to a low of $8,520, just as the Coronavirus outbreak prompts widespread panic in the financial world due to its potentially cataclysmic impact on the global economy. This negative correlation between a global crisis and the value of the world’s largest cryptocurrency is fuelling doubts that Bitcoin may not actually be a safe haven asset, as previously thought.

A safe haven asset is an investment that investors turn to during times of market volatility and instability, in order to “weather the storm,” and are …

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