Due to the continued spread of the Covid – 19, the cryptocurrency market experienced a violent sell-off this month.
On Tuesday, Cryptocurrency prices arouse even as equity markets continue to come under compel due to Covid -19 fears weighing on investors’ view.
According to data from Coindesk, Bitcoin was up over 10% from 24 hours previously, trading at $6,569.
XRP saw a more than 5% jump in its price while Ethereum was up over 7%.
Earlier this month, Cryptocurrencies took a lot of beating. The entire market sold off following a plunge in oil prices on March 8. Then on March 12, cryptocurrencies saw $93.5 billion wiped off their value in 24 hours and a 48% smash in the amount of bitcoin.
Over the past few years, bitcoin has been considered as a safe haven asset to invest in when markets are under pressure. But still price lower than where it was at the beginning of the year, appeared to be behaving more like a risk asset. While cryptocurrencies have happened in lockstep with the equity market as much of the selling is off of cryptocurrencies.
On Monday, stocks in Europe and the U.S closed minor again with cryptocurrencies oppose the trend. As the number of Covid – 19 cases continues to rise globally, the U.S Federal Reserve declared an open-ended asset purchase program this Monday to support markets as this announcement widely increases the stocks in Asia in Tuesday morning trade.
The investors have got a lot of confidence after Vijay Ayyar, head of business development at cryptocurrency exchange Luno, said: “We’re seeing some really bullish bitcoin price action today along with other asset classes after the Fed declared unprecedented measures yesterday to shore up the economy. ”