Bitcoin and other cryptocurrencies saw tens of billions of dollars wiped off of their market caps last week, an unexpected development for many investors who believed crypto had finally proven itself as a safe haven asset, perhaps even on par with gold, in the immediate outbreak of Coronavirus. However, the correlation between BTC and gold begun to breakdown in mid-February and the crypto sell-off worsened in March alongside the broader downturn in equities. While initial data indicates that Bitcoin was indeed hit by the Coronavirus outbreak, a crypto comeback might be in the cards as hashrates are suddenly surging.
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