Bitcoin Above $8700 for 1st Time in a Week Despite Coronavirus Outbreak in China

Siamak Masnavi

According to data from CryptoCompare, around 11:50 (UTC) on Monday (January 27), Bitcoin pushed its way past the $8,700 mark for the first time since January 19 as you can see in the two-week BTC-USD price chart shown below:

BTC-USD 2 Week Price Chart on 27 Jan 2020.png

At press time (13:00 UTC on January 27), Bitcoin is trading around $8,723, up 3.23% in the past 24-hour period:

BTC-USD 24 Hour Chart on 27 Jan 2020.png

Today's Bitcoin price surge comes despite the mayhem in mainland China caused by the recent outbreak of Novel Coronavirus (2019-nCoV), a new strain of coronavirus. The following tweet from Dovey Wan, a Founding Partner of blockchain-focused venture investment firm Primitive Ventures, gives an idea of the seriousness of the situation in China:

Jason Wu, the CEO and founder of non-custodial crypto lender DeFiner, told Coindesk:

We planned a 10-city tour to talk with potential clients in China. Nobody wants to attend any crypto-related conferences or any meetings at all because of the virus, we have to rearrange everything.

Prominent Macroeconomist and crypto analyst/trader Alex Krüger says that the coronavirus outbreak has already hurt stock prices of Chinese companies:

 However, Mati Greenspan, Founder of FinTech and crypto consultancy Quantum Economics, says that there is no need for investors to panic just yet (based on historical data showing how previous world epidemics affected global stock market performance):

Popular crypto analyst and trader Josh Rager, who is also a Co-Founder of online crypto learning platform Blockroots, as well as an advisor to several blockchain startups, tweeted earlier today that he likes the nice start to the week and is feeling bullish about the fact that Bitcoin has been trading above $8,000 for the past three weeks (i.e. since January 7):

 

Featured Image by "travelphotographer" via Pixabay.com