Bitcoin

The price of bitcoin will be affected, but not determined, by a corona virus – Breaking News

By the year 2020, it is still not even halfway through, and you can now get all of the books volschrijven about the impact on the human race, the economy, and our health. The population of the world in the last decades, but no more so struggling with the economy, and the threat to life as we know it.

A study into bitcoin and corona virus

But, in addition to the corona virus, has the bitcoin exchange rate, and the attention of many people know how to pull it. The price performance of bitcoin have been filled with volatility, which various studies have been carried out in order to have a pattern, and the correlation between the corona virus and bitcoin analysis.
In a recent study, a wavelet coherentieanalyse of the daily data of the victims of the corona virus, and the daily bitcoin price. It is based on data for the period from december 31, 2019 at the latest until the 29th of april, by the year 2020.

From april 5, the correlation is

The waveletbenadering was found that the levels of the COVID or 19, certainly they have contributed to an increase in the bitcoinkoers. This was evident in the period after the 5th of april. The same has been confirmed by the accompanying figures. This is the yellowish region, which is shown in the chart is highlighted, has been observed as an indication of the increase in the bitcoinprijs, and the number of victims.
These graphs are from the study.

The study is not complete!

Even though we have to assume that there are no errors in the data and the associated analysis of that data, you can not only have this data to rely on. A lot of factors that have an influence on the price of bitcoin, are not taken into account.
For instance, the impact of the bitcoin halving, unmistakably, during the rally at the end of april. This is also confirmed by the amount of search volume for bitcoin halving on Google. It is extremely a lot of searches on these search terms.
Furthermore, the fundamentals of bitcoin has also been improved, and these factors have been key catalysts that have contributed to the bullish sentiment.
The correlation between the corona virus and the bitcoin increased only in the month of april, as described above. In order to get a clearer picture, it is important to note the increasing number of cases to determine, with the help of the situatieverslagen of the WTO.

Bitcoin is not a traditional asset

According to calculations, the increase in the number of cases in January and February, with 77 per cent when the correlation is noticeable between the price of a bitcoin, and the number of the dead. From February to march, the percentage dropped to 76 percent, and the correlation is low. From march to april, the decline in the number of cases to 31%, but the correlation has increased as the price of bitcoin is hard to test.
And that might also be one of the pitfalls of this type of study, they will consider bitcoin as a traditional, asset, and bitcoin is anything but that.

About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.

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