As Fear And Uncertainty Strain Global Economy, Bitcoin Price May Surge

The global economic condition is in a very dangerous position right now. All the credits go to the global pandemic for the outbreak of the deadly Coronavirus. Some prominent countries facing economic downfall are the United Kingdom, Spain, and France. They are imposing new limitations across their boundaries. Thus, it is resulting in making the future financial prospects of numerous local business owners even more miserable.

The Lowering of Bitcoin by 6.5%

As far as the cryptocurrency economy is going, Bitcoin (BTC) came down by 6.5% to the 10300 US benchmark on the 21st of September after having stayed put at approximately 11,000 USD for some weeks. But, here is something very interesting to notice and that is the flagship crypto dived in value at the same time as gold and the S&P 500.

Another Predictable Crash Might Take Place

From a technical point of view, a very quick look at the “Cboe Volatility Index” represents that the suggested volatility of the S&P 500 at the time of the above stated time window upheaved quite enormously going high above the 30 USD spot for the very first time in more than two months. This actually led a lot of commentators to postulate that another crash similar to the one in March could be popping out.

The Fading Interest in the Precious Metals

Coming to gold, this precious metal has also fallen down quite heavily, and on another side, the price of silver dropped enormously in the last nine years. This fading interest in gold has led speculators to have a strong belief about the fact that people are once again facing towards the United States Dollar as a financially protected ground. This is occurring especially for the dollar index, maintaining a comparatively sturdier position against some other leading currencies like the Japanese Yen, the Euro, and the Swiss Franc.

The Economic Status of Europe is at Stake

Also, it becomes very important to know that the entire continent of Europe is going through a potential economic calamity. Many European countries are facing a forthcoming threat of a huge recession because of the unpredictable market conditions that have occurred due to the fear of the COVID-19 pandemic.

Bitcoin (BTC) is now at a halt at a price point of approximately 10300 USD. This has led in the social media sentiment of the currency flumping to 24 months low. Nonetheless, not in accord with what one may expect, Bitcoin has a huge tendency to see a big outpouring whenever online sentiment around it is levitating in fear, uncertainty, and doubt (FUD) territory.

There is Nothing Special About the Recent Jump

To be very real, the plunge in the value of stocks, crypto, and gold was neither due to any tech abnormality nor a coincidence as it is quite normal to observe concomitant dips across multiple markets at times of high instability.

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