Gold and Bitcoin prices are turning bullish as China struggles to contain the Coronavirus. The death toll due to the virus keeps on increase, reportedly over 80 now.
Patients of the epidemic has been reported across 15 countries including South Korea, California in the US, Thailand, Pakistan and so on.
The condition is strongly affect global trade as countries all around the world are breaking all contact with China. The virus is air-borne and all international borders are at alert for people coming from China.
Moreover, oil and not unexpectedly Chinese investments are in a speed downfall. China is one of the leading importers of crude oil, the demand in the country is decreasing as it fights the deadly virus. The price of oil dropped to lows around $52 with $3 dive.
The adverse effect on the global trade is yet again driving the investors to safe haven like Gold. The price surged past $1550, it broke below after the tension between US and Iran subsided. However, the adverse global macro incidents since May last year has cause a huge uptrend in the yellow metal.
Currently, a deadly air-borne virus is causing a return to risk-off investments.
Furthermore, Bitcoin also took bullish cue with a rise above $8500. It gained nearly 4% with over $300 rise from daily lows yesterday. The price of Bitcoin at 5: 00 hours UTC on 27th January is $8615.
Apart from gold, other reserve currencies like the Japanese Yen and the US dollar futures gained as well.
The virus spread has caused a major upheaval around the world with efforts being taken to avoid contact. The efforts taken by Governments and health organizations around the world are hopeful of putting an end to it. However, the hysteria and fear around it currently at its’ peak with a potential to worsen.
Do you think that the Chinese will be able to end the spread and nip the virus? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com
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January 27, 2020 at 11:56AM
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Bitcoin and Gold Prices Rise, Oil Slumps as China Struggles to Contain Coronavirus - Coingape
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