This Week in Crypto: Panic Over Coronavirus Push Bitcoin Prices Up
USA – It was a big week for cryptocurrency. Traders panicking over the impact of the coronavirus pushed Bitcoin prices to new highs. Meanwhile, the importance of crypto regulations was once again highlighted by presidential hopeful Andrew Yang.
The price of bitcoin is up by almost 10% this week, with the token pegged at around $9,300. The token has advanced by 30% since the year started. The last time bitcoin had such a positive start to the year was way back in 2012.
The price increase isn’t surprising as the asset usually becomes more valuable during world events that make investors nervous. And there’s no doubt that people are worrying about the Wuhan virus outbreak and its impact on the global economy.
The coronavirus isn’t the only reason behind the coin’s rally. Analysts have also cited Brexit, the remaining concerns about the US-China trade agreement, and the ongoing tensions between South Korea and Japan. But the virus is admittedly the biggest factor behind crypto’s stellar performance last week.
Bitcoin isn’t the only cryptocurrency doing well this week. The Litecoin (LTC) and Cardano’s ADA are up 4.02% and 4.07% respectively. A rally also saw Bitcoin Cash SV (BSV) inching up by2.72%, Ethereum gaining 2.10% and Tron’s TRX enjoying a 2.59% increase. The total market cap for cryptocurrency went from a low @237.76 billion on Monday to a high $263.46 billion on Thursday.
The importance of cryptocurrency was also highlighted this week by Andrew Yang during his Bloomberg interview. The entrepreneur turned politician his known for his pro-technology and cryptocurrency stance.
In his interview, Yang lambasted the United States’ current regulation on cryptocurrencies. He described it as a “hodgepodge of state-by-state treatments” that were bad for innovators who are interested in investing in the industry. Yang also reiterated his stance on the need for transparent and fair policies.
Yang might be the only one pushing for cryptocurrencies on the campaign trail, but there are other politicians who are now openly advocating for these assets. Governor Jared Polis of Colorado signed the state’s Digital Token Act last year while junior Senator Kelly Loeffler is expected to further the crypto agenda in the senate.
Twitter also showed some Bitcoin love this week. The social media platform recently rolled out a Bitcoin emoji to go with the hashtag. To use it, simply enter the Bitcoin hashtag. The emoji will quickly appear on the screen.
Unsurprisingly, the Bitcoin community has been having fun tweeting #Bitcoin.
It’s not clear why Twitter decided to come out with the emoji, although its CEO, Jack Dorsey, is a known supporter. He even called Bitcoin as the logical choice for currency for the entirety of the Internet.